https://www.taxtmi.com/caselaws?id=62263 The Tribunal partly allowed the quantum appeals and entirely allowed the appeals against the levy of penalties under section 18(1)(c) of the Wealth Tax Act. The reassessments were deemed invalid and time-barred, leading to the deletion of imposed penalties. The Tribunal directed the Assessing Officer to complete assessments based on the Amnesty Scheme returns filed by the assessee for relevant years, determining the value of shares and fictitious deposits in accordance with Supreme Court decisions. The reassessments were found to be based on a change of opinion and not sustainable under the Wealth Tax Act, concluding in favor of the assessee. en-us Thu, 30 Mar 1995 00:00:00 +0530 Tue, 18 Jan 2011 18:43:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62263 The Tribunal partly allowed the quantum appeals and entirely allowed the appeals against the levy of penalties under section 18(1)(c) of the Wealth Tax Act. The reassessments were deemed invalid and time-barred, leading to the deletion of imposed penalties. The Tribunal directed the Assessing Officer to complete assessments based on the Amnesty Scheme returns filed by the assessee for relevant years, determining the value of shares and fictitious deposits in accordance with Supreme Court decisions. The reassessments were found to be based on a change of opinion and not sustainable under the Wealth Tax Act, concluding in favor of the assessee. Case-Laws Income Tax Thu, 30 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62263