1980 (4) TMI 164 - AT - Wealth-tax

Summary

The appeal by the Revenue regarding the cancellation of a penalty of Rs. 4,441 for delayed filing of wealth-tax return for asst. yr. 1972-73 was upheld by the Appellate Tribunal ITAT Jaipur. The Tribunal found that the delay was due to reasonable cause as the assessee had applied for time extensions and faced difficulties in obtaining necessary documents. The penalty cancellation was justified.