1981 (3) TMI 119 - AT - Wealth-tax

Summary

The appeal was filed by the revenue against a penalty imposed for delay in filing the net wealth return for the assessment year 1971-72. The Appellate Commissioner deleted the penalty, stating that the delay was not continuous and the assessee had declared net wealth below the taxable limit initially. The tribunal confirmed the Commissioner's decision, ruling in favor of the assessee. The appeal was dismissed.