https://www.taxtmi.com/caselaws?id=57142 Penalty for delayed filing of a wealth-tax return was found unsustainable where the assessee established reasonable cause for the delay. Non-receipt of account statements and a valuation report needed to prepare the return was accepted as a sufficient explanation. The absence of an application for extension of time did not remove the statutory protection once reasonable cause was shown, so cancellation of penalty under Section 18(1)(a) was upheld in favour of the assessee. en-us Mon, 19 May 1980 00:00:00 +0530 Wed, 08 Dec 2010 15:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57142 Penalty for delayed filing of a wealth-tax return was found unsustainable where the assessee established reasonable cause for the delay. Non-receipt of account statements and a valuation report needed to prepare the return was accepted as a sufficient explanation. The absence of an application for extension of time did not remove the statutory protection once reasonable cause was shown, so cancellation of penalty under Section 18(1)(a) was upheld in favour of the assessee. Case-Laws Wealth-tax Mon, 19 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57142