1989 (2) TMI 80 - HC - Wealth-tax

Summary

The High Court of Allahabad dismissed the Revenue's applications under section 27(3) of the Wealth-tax Act, 1957, regarding the cancellation of penalty under section 18(1)(a). The Tribunal's decision to cancel the penalty was upheld as the assessee had reasonable cause for late filing of returns. The court found no legal question arising from the Tribunal's order and rejected the applications.