https://www.taxtmi.com/caselaws?id=60433 Penalty for delay in filing a wealth-tax return was held not to be justified where the assessee showed reasonable cause for the default. The delay was explained by late receipt of balance-sheets of companies in which the assessee held unquoted shares, involvement as a director in loss-making companies, and the need to attend to their adverse business conditions. The filing of an extension application supported the bona fides of the explanation. On that material, the delay could not be treated as without reasonable cause, and the penalty under section 18(1)(a) of the Wealth-tax Act, 1957 was cancelled. en-us Wed, 19 Jul 1989 00:00:00 +0530 Wed, 05 Jan 2011 12:44:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60433 Penalty for delay in filing a wealth-tax return was held not to be justified where the assessee showed reasonable cause for the default. The delay was explained by late receipt of balance-sheets of companies in which the assessee held unquoted shares, involvement as a director in loss-making companies, and the need to attend to their adverse business conditions. The filing of an extension application supported the bona fides of the explanation. On that material, the delay could not be treated as without reasonable cause, and the penalty under section 18(1)(a) of the Wealth-tax Act, 1957 was cancelled. Case-Laws Wealth-tax Wed, 19 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60433