https://www.taxtmi.com/caselaws?id=69293 The ITAT upheld the AAC's decision to cancel penalties under section 18(1)(c) of the Wealth Tax Act, 1957, finding no deliberate concealment by the assessees in omitting the value of silverware from their original returns. The ITAT noted the assessees' lack of awareness of the amendment regarding the taxability of silverware and their disclosure of jewelry values in revised returns, concluding that the omission was unintentional. The unintentional nature of the omission, combined with the assessees' ignorance of the amended provisions, led to the dismissal of the Revenue's appeals and the affirmation of the penalty cancellation. en-us Thu, 22 Nov 1979 00:00:00 +0530 Wed, 06 Apr 2011 11:16:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69293 The ITAT upheld the AAC's decision to cancel penalties under section 18(1)(c) of the Wealth Tax Act, 1957, finding no deliberate concealment by the assessees in omitting the value of silverware from their original returns. The ITAT noted the assessees' lack of awareness of the amendment regarding the taxability of silverware and their disclosure of jewelry values in revised returns, concluding that the omission was unintentional. The unintentional nature of the omission, combined with the assessees' ignorance of the amended provisions, led to the dismissal of the Revenue's appeals and the affirmation of the penalty cancellation. Case-Laws Income Tax Thu, 22 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69293