1976 (2) TMI 97 - AT - Wealth-tax

Summary

The ITAT Patna-A upheld the cancellation of penalty under section 18(1)(a) of the WT Act imposed on the assessee for delay in filing wealth-tax return. The delay was deemed reasonable due to unavailability of capital account information from the assessee's firms. The appeal against the AAC's order was dismissed. (Case: 1976 (2) TMI 97 - ITAT PATNA-A)