1988 (9) TMI 85 - AT - Wealth-tax

Summary

The appeal was against a penalty of Rs. 13,756 under s. 15B of the WT Act for non-payment of wealth tax. The assessee had requested a refund of Rs. 19,034 from the ITO, which was not issued, leading to non-payment of wealth tax. The ITAT Bombay-E canceled the penalty, stating there was a reasonable cause for non-payment. The appeal was allowed.