Penalty under section 18(1)(c) of the Wealth-tax Act--Cases where tolerance margin of 25% is exceeded because of disallowance of disputed tax liability.
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Penalty under wealth tax provisions: tolerance breaches due to disallowed disputed tax not treated as fraud for penalty. Where an assessee's returned net wealth falls short of assessed wealth beyond the 25% tolerance solely because disputed tax demands were claimed in the return to preserve rectification rights under section 35(2), the Board considers that such claiming does not demonstrate fraud or gross or wilful neglect and penalty under section 18(1)(c) should not be levied.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty under wealth tax provisions: tolerance breaches due to disallowed disputed tax not treated as fraud for penalty.
Where an assessee's returned net wealth falls short of assessed wealth beyond the 25% tolerance solely because disputed tax demands were claimed in the return to preserve rectification rights under section 35(2), the Board considers that such claiming does not demonstrate fraud or gross or wilful neglect and penalty under section 18(1)(c) should not be levied.
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