1982 (7) TMI 204 - AT - Wealth-tax

Summary

The appeals by the revenue were dismissed by ITAT MADRAS-C against the AAC's order canceling the penalty imposed under section 18(1)(a) of the Wealth-tax Act, 1957. The delay in filing the wealth-tax return was condoned based on the Madras High Court's decision in Babulal K. Shah case and the proviso to section 14(1) of the Act. The Act does not prescribe penalty for delay due to filing of income-tax return. The AAC's decision was confirmed, and the appeals were dismissed.