678/CBDT.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... use. The penalty is prescribed at certain rates for every month during which the default continued. Recently in a case which was referred to the Board, it was noticed that the period during which reasonable cause existed for not filing the return was not excluded in computing the quantum of penalty imposable under section 18(1)(i) of the Wealth Tax Act. 2. The penalty prescribed under Section 18 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ed, has to be excluded while determining the quantum of penalty irrespective of the fact whether the assessee had applied for extension of time for filing return or not. What is reasonable cause for this purpose has, however, to be decided carefully on the facts of each case. 3. This may please be brought to the notice of all assessing officers. - Circular - Trade Notice - Public Notice - Inst .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X