https://www.taxtmi.com/caselaws?id=64394 The appellate authority upheld the Wealth-tax Officer's determination of the assessee's resident status for the assessment year 1973-74. The reassessment included a previously omitted foreign bank deposit after the assessee voluntarily filed a revised return. The Commissioner (Appeals) canceled the penalty for concealment, but the Tribunal was divided. Ultimately, the Tribunal concluded that the Wealth-tax Officer had jurisdiction to impose the penalty with the approval of the Income-tax Appellate Commissioner. The majority decision favored the assessee, canceling the penalty. en-us Thu, 16 Dec 1982 00:00:00 +0530 Mon, 07 Feb 2011 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64394 The appellate authority upheld the Wealth-tax Officer's determination of the assessee's resident status for the assessment year 1973-74. The reassessment included a previously omitted foreign bank deposit after the assessee voluntarily filed a revised return. The Commissioner (Appeals) canceled the penalty for concealment, but the Tribunal was divided. Ultimately, the Tribunal concluded that the Wealth-tax Officer had jurisdiction to impose the penalty with the approval of the Income-tax Appellate Commissioner. The majority decision favored the assessee, canceling the penalty. Case-Laws Wealth-tax Thu, 16 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64394