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.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
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 ... Summary
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
