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The High Court of Gujarat ruled in favor of the assessee, canceling the penalty imposed for late filing of wealth-tax return for the assessment year 1967-68. The assessee had filed the return within the prescribed time but later revised it to exclude ancestral property, which was advised to be filed separately. The Income-tax Appellate Tribunal upheld that there was sufficient cause for the delay, as the original return was filed on time. The Tribunal's decision to cancel the penalty was confirmed by the High Court.
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