https://www.taxtmi.com/caselaws?id=61231 Penalty for late filing of wealth-tax returns under section 18(1)(a) was held unsustainable where the assessee had originally filed the returns within time, albeit signed by a special power of attorney holder. When the defect was noticed, fresh returns signed by the karta were filed. On the peculiar facts, the assessee could bona fide have believed the original returns were valid, particularly since similar filings had been accepted in earlier years and the net wealth disclosed did not materially differ. The conduct indicated an to comply with the law rather than deliberate default, so the delay, if any, was attributable to reasonable cause and the penalties were cancelled. en-us Sat, 17 Jul 1982 00:00:00 +0530 Tue, 11 Jan 2011 13:58:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61231 Penalty for late filing of wealth-tax returns under section 18(1)(a) was held unsustainable where the assessee had originally filed the returns within time, albeit signed by a special power of attorney holder. When the defect was noticed, fresh returns signed by the karta were filed. On the peculiar facts, the assessee could bona fide have believed the original returns were valid, particularly since similar filings had been accepted in earlier years and the net wealth disclosed did not materially differ. The conduct indicated an to comply with the law rather than deliberate default, so the delay, if any, was attributable to reasonable cause and the penalties were cancelled. Case-Laws Wealth-tax Sat, 17 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61231