https://www.taxtmi.com/caselaws?id=58783 The Tribunal partly allowed the appeal regarding the penalty for delayed filing of the wealth tax return for the assessment year 1975-76. The penalty imposed by the WTO was substantially upheld, but recalculated based on the law applicable as of the date of completion of assessment in 1980. The Tribunal rejected the assessee's explanation for the delay, emphasizing that the transfer of records did not justify the delay, and the lack of evidence for the extension application was detrimental to the case. The recalculated penalty aligned with the law at the time of assessment completion. en-us Fri, 06 Mar 1987 00:00:00 +0530 Wed, 22 Dec 2010 11:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58783 The Tribunal partly allowed the appeal regarding the penalty for delayed filing of the wealth tax return for the assessment year 1975-76. The penalty imposed by the WTO was substantially upheld, but recalculated based on the law applicable as of the date of completion of assessment in 1980. The Tribunal rejected the assessee's explanation for the delay, emphasizing that the transfer of records did not justify the delay, and the lack of evidence for the extension application was detrimental to the case. The recalculated penalty aligned with the law at the time of assessment completion. Case-Laws Wealth-tax Fri, 06 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58783