https://www.taxtmi.com/caselaws?id=63610 The Tribunal canceled the penalty imposed under section 18(1)(c) of the Wealth-tax Act, 1957, on the assessee for perceived undervaluation of property. It found that the discrepancies in valuation reports did not indicate deliberate concealment or fraud, shifting the burden of proof to the Department, which failed to substantiate willful neglect. Emphasizing the absence of contumacious conduct, the Tribunal ruled in favor of the assessee, highlighting the necessity to establish deliberate under-valuation or concealment before imposing penalties under the Act. en-us Thu, 31 Mar 1977 00:00:00 +0530 Tue, 01 Feb 2011 10:47:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63610 The Tribunal canceled the penalty imposed under section 18(1)(c) of the Wealth-tax Act, 1957, on the assessee for perceived undervaluation of property. It found that the discrepancies in valuation reports did not indicate deliberate concealment or fraud, shifting the burden of proof to the Department, which failed to substantiate willful neglect. Emphasizing the absence of contumacious conduct, the Tribunal ruled in favor of the assessee, highlighting the necessity to establish deliberate under-valuation or concealment before imposing penalties under the Act. Case-Laws Wealth-tax Thu, 31 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63610