Cases where tolerance margin of 25 per cent is exceeded because of disallowance of disputed tax liability - Whether penalty imposable for concealment of wealth
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Concealment of wealth: penalty not imposed where understatement stems from disallowed disputed tax claimed to enable rectification. Where understatement of net wealth results from disallowance of disputed tax claims that were included in returns to enable later rectification, taxpayers ... Summary
Concealment of wealth: penalty not imposed where understatement stems from disallowed disputed tax claimed to enable rectification.
Where understatement of net wealth results from disallowance of disputed tax claims that were included in returns to enable later rectification, taxpayers are regarded as having discharged the onus of proving absence of fraud or gross or wilful neglect, and penalty under section 18(1)(c) should not be levied.
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