https://www.taxtmi.com/caselaws?id=67050 The ITAT ruled in favor of the assessee, canceling the penalties imposed by the WTO and upheld by the AAC under section 18(1)(c) of the Wealth Tax Act for the assessment years 1973-74 to 1975-76. The tribunal found no evidence of deliberate concealment of assets, noting that the revised returns were voluntarily filed upon realizing the ownership details of the undisclosed plot of land. The judgment emphasized the importance of intent and willfulness in establishing concealment under the Act, ultimately allowing the appeals filed by the assessee. en-us Thu, 07 Jul 1983 00:00:00 +0530 Tue, 08 Mar 2011 18:23:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67050 The ITAT ruled in favor of the assessee, canceling the penalties imposed by the WTO and upheld by the AAC under section 18(1)(c) of the Wealth Tax Act for the assessment years 1973-74 to 1975-76. The tribunal found no evidence of deliberate concealment of assets, noting that the revised returns were voluntarily filed upon realizing the ownership details of the undisclosed plot of land. The judgment emphasized the importance of intent and willfulness in establishing concealment under the Act, ultimately allowing the appeals filed by the assessee. Case-Laws Wealth-tax Thu, 07 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67050