https://www.taxtmi.com/caselaws?id=59986 Penalty for late filing of a wealth-tax return was not leviable where the assessee showed a genuine belief, supported by the wealth statement, that net wealth was negative and therefore no taxable wealth existed. On those facts, the delayed return was attributable to reasonable cause, and the request for extension was treated as a precautionary step rather than an admission of liability. The deletion of penalty was therefore upheld in favour of the assessee. en-us Mon, 02 Apr 1984 00:00:00 +0530 Mon, 03 Jan 2011 11:45:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59986 Penalty for late filing of a wealth-tax return was not leviable where the assessee showed a genuine belief, supported by the wealth statement, that net wealth was negative and therefore no taxable wealth existed. On those facts, the delayed return was attributable to reasonable cause, and the request for extension was treated as a precautionary step rather than an admission of liability. The deletion of penalty was therefore upheld in favour of the assessee. Case-Laws Wealth-tax Mon, 02 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59986