https://www.taxtmi.com/caselaws?id=61110 Penalty for delayed filing of a wealth-tax return under section 18(1)(a) was considered unwarranted where the return was filed voluntarily, the assessed net wealth was accepted without variation, and the delay was short and explained by the time needed to collect valuation and asset details. Acceptance of the explanation for gathering particulars relating to immovable property, loans, and share values was treated as reasonable cause for the nominal delay. The stated legal point is that a brief delay, supported by reasonable cause and followed by an accepted return, does not justify penalty. en-us Thu, 19 Oct 1978 00:00:00 +0530 Mon, 10 Jan 2011 18:29:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61110 Penalty for delayed filing of a wealth-tax return under section 18(1)(a) was considered unwarranted where the return was filed voluntarily, the assessed net wealth was accepted without variation, and the delay was short and explained by the time needed to collect valuation and asset details. Acceptance of the explanation for gathering particulars relating to immovable property, loans, and share values was treated as reasonable cause for the nominal delay. The stated legal point is that a brief delay, supported by reasonable cause and followed by an accepted return, does not justify penalty. Case-Laws Wealth-tax Thu, 19 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61110