https://www.taxtmi.com/caselaws?id=69724 The Appellate Tribunal ITAT MADRAS-B canceled penalties imposed under section 18(1)(c) of the Wealth Tax Act for assessment years 1964-65 to 1970-71. The penalties were based on undisclosed assets like jewellery and shares in Star Paper Mills Ltd. The assessee voluntarily disclosed assets, arguing jewellery was his wife's "Stridhana" and shares were inadvertently omitted and exempt from wealth tax. The Tribunal found no intent to conceal wealth, noting penalties were disproportionately high compared to tax amounts. Consequently, the Tribunal ruled in favor of the assessee, canceling the penalties. en-us Mon, 30 Apr 1979 00:00:00 +0530 Mon, 11 Apr 2011 17:13:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69724 The Appellate Tribunal ITAT MADRAS-B canceled penalties imposed under section 18(1)(c) of the Wealth Tax Act for assessment years 1964-65 to 1970-71. The penalties were based on undisclosed assets like jewellery and shares in Star Paper Mills Ltd. The assessee voluntarily disclosed assets, arguing jewellery was his wife's "Stridhana" and shares were inadvertently omitted and exempt from wealth tax. The Tribunal found no intent to conceal wealth, noting penalties were disproportionately high compared to tax amounts. Consequently, the Tribunal ruled in favor of the assessee, canceling the penalties. Case-Laws Income Tax Mon, 30 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69724