https://www.taxtmi.com/caselaws?id=68260 The ITAT Jaipur found that the assessee, in an appeal against a penalty imposed for concealment of wealth under section 18(1)(c) of the Wealth-tax Act 1957, had not engaged in fraud or wilful neglect. The tribunal held that the values declared were based on reasonable beliefs and that the duty of accurate valuation lies with the WTO. Therefore, the penalty was canceled, and the appeal by the assessee was allowed. The judgment highlighted the practical challenges in asset valuation and distinguished between disclosure of assets and concealment of wealth under the Act. en-us Wed, 30 Mar 1983 00:00:00 +0530 Mon, 28 Mar 2011 17:07:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68260 The ITAT Jaipur found that the assessee, in an appeal against a penalty imposed for concealment of wealth under section 18(1)(c) of the Wealth-tax Act 1957, had not engaged in fraud or wilful neglect. The tribunal held that the values declared were based on reasonable beliefs and that the duty of accurate valuation lies with the WTO. Therefore, the penalty was canceled, and the appeal by the assessee was allowed. The judgment highlighted the practical challenges in asset valuation and distinguished between disclosure of assets and concealment of wealth under the Act. Case-Laws Income Tax Wed, 30 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68260