1982 (7) TMI 204

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....penalty imposed under section 18(1)(a) of the Wealth-tax Act, 1957 ('the Act'). 2. The assessee has filed the belated returns both under the Income-tax Act as well as under the Wealth-tax Act for the assessment years 1972-73 and 1973-74 on 1-3-1978, even though they were due on 31-7-1972 and 31-7-1973 respectively. The penalty imposed for the delay in the filing of the return was cancelled by the....