https://www.taxtmi.com/caselaws?id=60662 For penalty under section 17(1)(a) of the Gift-tax Act, the assessee must show reasonable cause for delay in filing the return; unsubstantiated claims about non-availability of forms did not establish such cause, so penalty could not be avoided on that ground. For computing assessed tax for penalty purposes, credit for gift-tax actually paid had to be allowed under the section 18 scheme, because assessed tax meant the chargeable tax reduced by admissible credit; the penalty was therefore confined to the net tax after credit. The additional rebate under section 18(ii) was denied because payment was not made within 15 days of the gift. en-us Fri, 29 Oct 1993 00:00:00 +0530 Fri, 07 Jan 2011 14:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60662 For penalty under section 17(1)(a) of the Gift-tax Act, the assessee must show reasonable cause for delay in filing the return; unsubstantiated claims about non-availability of forms did not establish such cause, so penalty could not be avoided on that ground. For computing assessed tax for penalty purposes, credit for gift-tax actually paid had to be allowed under the section 18 scheme, because assessed tax meant the chargeable tax reduced by admissible credit; the penalty was therefore confined to the net tax after credit. The additional rebate under section 18(ii) was denied because payment was not made within 15 days of the gift. Case-Laws Income Tax Fri, 29 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60662