https://www.taxtmi.com/caselaws?id=66251 The Income-tax Appellate Tribunal (ITAT) found that the trustees of H.E.H. The Nizam's Family Trust had not wilfully concealed wealth or furnished inaccurate particulars. The penalties imposed under Section 18(1)(c) of the Wealth Tax Act, 1957, were unjustified and thus canceled. The ITAT held that the initiation of penalty proceedings was invalid due to improper linkage to the correct trust. The trustees' liability as representative assessees was acknowledged, but their consistent practice of declaring life interest only negated any gross neglect. The ITAT also ruled that penalties could not be levied on trustees in a representative capacity under the Wealth Tax Act. en-us Mon, 01 Sep 1975 00:00:00 +0530 Wed, 23 Feb 2011 10:53:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66251 The Income-tax Appellate Tribunal (ITAT) found that the trustees of H.E.H. The Nizam's Family Trust had not wilfully concealed wealth or furnished inaccurate particulars. The penalties imposed under Section 18(1)(c) of the Wealth Tax Act, 1957, were unjustified and thus canceled. The ITAT held that the initiation of penalty proceedings was invalid due to improper linkage to the correct trust. The trustees' liability as representative assessees was acknowledged, but their consistent practice of declaring life interest only negated any gross neglect. The ITAT also ruled that penalties could not be levied on trustees in a representative capacity under the Wealth Tax Act. Case-Laws Wealth-tax Mon, 01 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66251