TMI Blog1984 (1) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... nt, under section 18B, whereby the petitioner was asked to pay penalty for failure, without reasonable cause, to furnish the return of net wealth under section 14(1) of the Wealth-tax Act. The facts leading to the proceeding is that the petitioner filed a return under section 14 for the period 1964-65 to 1967-68 on July 24, 1970, showing the estimated wealth at Rs. 1,80,250 for the assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 67-68 Rs. 4,120, totalling to Rs. 8,030 under section 18(1)(a) of the Wealth-tax Act before amendment for the delay in filing the return by his order dated March 2/6, 1974. It appears, in making the assessment, the penalty was fixed as if there was delay in filing the return on the date when the order was passed or on the date when the return was filed. This is patently wrong (sic). The penalty, i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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