1985 (1) TMI 80 - AT - Wealth-tax

Summary

The Appellate Tribunal ITAT Allahabad canceled penalties of Rs. 10,125 and Rs. 7,375 imposed for late filing of wealth returns for the asst. yrs. 1970-71 and 1971-72. The Tribunal found reasonable cause for the delay due to the assessee's young age, ignorance of the WT Act, and marginal wealth amounts. The penalties were set aside, and the appeals were allowed.