1987 (8) TMI 33

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.... opinion of this court being: " Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in cancelling the penalty by holding that the delayed completion of the accounts of the firm constituted a reasonable cause for the delay in the filing of the wealth-tax return of the assessee-partner without requiring him to prove that he was diligent and vigilant and made all....

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.... not, therefore, file the wealth-tax return in time. This explanation was rejected by the Wealth-tax Officer who imposed a penalty of Rs. 15,430. On appeal, the Appellate Assistant Commissioner held that the assessee had reasonable cause for the delay in the filing of the wealth-tax return and the imposition of penalty was consequently not justified. This order of the Appellate Assistant Commissio....