1980 (6) TMI 63 - AT - Wealth-tax

Summary

The Appellate Tribunal ITAT DELHI-E overturned a penalty of Rs. 5,100 imposed under s. 18(1)(A) of the WT Act for late filing of the return for the asst. yr. 1969-70. The Tribunal found the penalty unjustifiable as the assessee genuinely believed their wealth was below the taxable limit and had not been assessed in the preceding years. The penalty was canceled. (Case: 1980 (6) TMI 63 - ITAT DELHI-E)