https://www.taxtmi.com/caselaws?id=59306 Penalty under section 15B of the Wealth-tax Act was held unwarranted where the assessee's outstanding income-tax refund exceeded the wealth-tax liability and repeated requests had been made for adjustment or release before filing the return. The non-payment of wealth-tax was treated as attributable to the revenue's failure to grant the refund, and that factual basis was accepted as reasonable cause for the default. On those facts, the penalty order was cancelled. en-us Wed, 14 Sep 1988 00:00:00 +0530 Mon, 27 Dec 2010 17:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59306 Penalty under section 15B of the Wealth-tax Act was held unwarranted where the assessee's outstanding income-tax refund exceeded the wealth-tax liability and repeated requests had been made for adjustment or release before filing the return. The non-payment of wealth-tax was treated as attributable to the revenue's failure to grant the refund, and that factual basis was accepted as reasonable cause for the default. On those facts, the penalty order was cancelled. Case-Laws Wealth-tax Wed, 14 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59306