https://www.taxtmi.com/caselaws?id=69717 The Appellate Tribunal ITAT MADRAS-B ruled in favor of the assessee in three appeals concerning penalties imposed under section 18(1)(c) for the assessment years 1969-70 to 1971-72. The Tribunal found that the omission of inherited movables was inadvertent, not intentional concealment, as the assessee had a history of disclosure and the amounts were subject to disputes among legal heirs. Considering the negligible tax amounts involved, the Tribunal concluded that the penalties for concealment of wealth were unwarranted and canceled them for the relevant assessment years. en-us Wed, 20 Dec 1978 00:00:00 +0530 Mon, 11 Apr 2011 16:59:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69717 The Appellate Tribunal ITAT MADRAS-B ruled in favor of the assessee in three appeals concerning penalties imposed under section 18(1)(c) for the assessment years 1969-70 to 1971-72. The Tribunal found that the omission of inherited movables was inadvertent, not intentional concealment, as the assessee had a history of disclosure and the amounts were subject to disputes among legal heirs. Considering the negligible tax amounts involved, the Tribunal concluded that the penalties for concealment of wealth were unwarranted and canceled them for the relevant assessment years. Case-Laws Income Tax Wed, 20 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69717