https://www.taxtmi.com/caselaws?id=63675 Reassessment under the Wealth-tax Act was found unsustainable because the record did not show that notice under section 17 had been issued or served, so the assessment could not be treated as validly initiated. That defect also undermined the penalty foundation under section 18(1)(c), since concealment penalty cannot stand where the reassessment itself is not shown to have been lawfully commenced. On the facts, the assessee had disclosed the asset on her own and the Department had not detected concealment before disclosure, so penalty was not warranted. The departmental appeal failed and cancellation of the penalty was affirmed. en-us Thu, 08 Jan 1987 00:00:00 +0530 Tue, 01 Feb 2011 12:58:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63675 Reassessment under the Wealth-tax Act was found unsustainable because the record did not show that notice under section 17 had been issued or served, so the assessment could not be treated as validly initiated. That defect also undermined the penalty foundation under section 18(1)(c), since concealment penalty cannot stand where the reassessment itself is not shown to have been lawfully commenced. On the facts, the assessee had disclosed the asset on her own and the Department had not detected concealment before disclosure, so penalty was not warranted. The departmental appeal failed and cancellation of the penalty was affirmed. Case-Laws Wealth-tax Thu, 08 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63675