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678/CBDT.
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....ribed at certain rates for every month during which the default continued. Recently in a case which was referred to the Board, it was noticed that the period during which reasonable cause existed for not filing the return was not excluded in computing the quantum of penalty imposable under section 18(1)(i) of the Wealth Tax Act. 2. The penalty prescribed under Section 18(1)(a) of the Wealth-tax A....
TaxTMI
TaxTMI