https://www.taxtmi.com/caselaws?id=62598 The Tribunal upheld penalties imposed under section 18(1)(c) of the Wealth-tax Act on the assessee for undervaluing shares, rejecting the argument of bona fide conduct. The Tribunal emphasized the mandatory application of Rule 1D for share valuation and the strict interpretation of Explanation 4 regarding inaccurate particulars. The penalties were deemed valid as the assessee failed to demonstrate the correctness of the returned share values, leading to the dismissal of appeals and reinforcing the importance of adhering to statutory rules in valuation for tax purposes. en-us Tue, 05 Sep 1995 00:00:00 +0530 Thu, 20 Jan 2011 16:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62598 The Tribunal upheld penalties imposed under section 18(1)(c) of the Wealth-tax Act on the assessee for undervaluing shares, rejecting the argument of bona fide conduct. The Tribunal emphasized the mandatory application of Rule 1D for share valuation and the strict interpretation of Explanation 4 regarding inaccurate particulars. The penalties were deemed valid as the assessee failed to demonstrate the correctness of the returned share values, leading to the dismissal of appeals and reinforcing the importance of adhering to statutory rules in valuation for tax purposes. Case-Laws Wealth-tax Tue, 05 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62598