Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2004 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (8) TMI 64 - HC - Wealth-taxPenalty u/s 18(1)(a) for the delay in filing the returns - there is no material on record to show as to why the income-tax returns had been delayed or as to why the wealth-tax return could not be prepared without the finalization of the income-tax return. There is no information even in respect of the tax liability as per the income-tax returns. The Tribunal has, without examining these aspects, accepted the plea of the assessee that the delay in filing the income-tax returns by itself constituted a sufficient cause for the delay in filing the returns of income. - As already observed, delay in filing of wealth-tax return cannot be justified merely because there may be some liability towards income-tax which may get quantified at the time of filing of the income-tax return. - held that in the absence of any material on record justifying the delay in filing the returns, the assessee was liable to penalty
|