https://www.taxtmi.com/caselaws?id=65364 The Appellate Tribunal upheld the deletion of the penalty imposed under section 18(1)(c) of the Wealth Tax Act, 1957. The Tribunal found that the penalty was not justified as the Assessing Officer lacked recorded satisfaction for initiating penalty proceedings and the variance in valuation reports was based on genuine differences in opinion. The appeal by the Revenue was dismissed, and the penalty of Rs. 7,87,815 was deemed unjustified and cancelled. en-us Tue, 11 Sep 2001 00:00:00 +0530 Tue, 15 Feb 2011 12:06:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65364 The Appellate Tribunal upheld the deletion of the penalty imposed under section 18(1)(c) of the Wealth Tax Act, 1957. The Tribunal found that the penalty was not justified as the Assessing Officer lacked recorded satisfaction for initiating penalty proceedings and the variance in valuation reports was based on genuine differences in opinion. The appeal by the Revenue was dismissed, and the penalty of Rs. 7,87,815 was deemed unjustified and cancelled. Case-Laws Income Tax Tue, 11 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65364