https://www.taxtmi.com/caselaws?id=58172 Applications for extension of time to file wealth-tax returns may establish reasonable cause for delay where the Revenue does not reply, but only for the period actually covered by the request. The note states that for assessment year 1970-71, reasonable cause was recognised up to 31 March 1971, while penalty remained for the later unexplained default. For assessment year 1975-76, the extension request covered the filing date and cancellation of penalty was sustained. It also notes that the penalty for continuing default is to be computed under the law in force on the date the assessment is completed, when the penalty becomes exigible. en-us Wed, 14 Jan 1987 00:00:00 +0530 Fri, 17 Dec 2010 16:57:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58172 Applications for extension of time to file wealth-tax returns may establish reasonable cause for delay where the Revenue does not reply, but only for the period actually covered by the request. The note states that for assessment year 1970-71, reasonable cause was recognised up to 31 March 1971, while penalty remained for the later unexplained default. For assessment year 1975-76, the extension request covered the filing date and cancellation of penalty was sustained. It also notes that the penalty for continuing default is to be computed under the law in force on the date the assessment is completed, when the penalty becomes exigible. Case-Laws Wealth-tax Wed, 14 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58172