1982 (7) TMI 147 - AT - Wealth-tax

Summary

The appeals by the assessee were against penalties confirmed by the AAC for the assessment years 1973-74 and 1974-75 under the WT Act. The penalties were imposed for late filing of returns, but the ITAT Chandigarh found that the delays were due to reasonable cause. The returns were initially signed by a Power of Attorney Holder and later by the Karta of the assessee HUF. The ITAT canceled the penalties for both years, noting that the assessee made conscious efforts to comply with the law. Appeals were allowed.