1982 (7) TMI 53 - HC - Wealth-tax

Summary

The High Court of Madhya Pradesh upheld the Tribunal's decision to cancel penalties imposed by the WTO on the assessee for late filing of returns for the assessment years 1970-71 and 1971-72. The Tribunal based its decision on a circular issued by the CBDT extending the filing deadline for returns with agricultural assets. The Court found that the circular did not impose any specific conditions for the extension, supporting the Tribunal's decision.