https://www.taxtmi.com/caselaws?id=118510 The Tribunal upheld the decision of the CWT(A) to delete penalties imposed under section 18(1)(c) of the Wealth-tax Act, 1957 for the assessment years 1997-98 and 1998-99. The Tribunal found that the assessee's inclusion of the property share in individual returns, instead of as part of an Association of Persons, was done under a bona fide belief and supported by past practices accepted by the revenue department. The appeals by the revenue were dismissed, affirming the deletion of penalties for the respective assessment years. en-us Fri, 20 Jan 2006 00:00:00 +0530 Mon, 02 Jul 2012 15:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118510 The Tribunal upheld the decision of the CWT(A) to delete penalties imposed under section 18(1)(c) of the Wealth-tax Act, 1957 for the assessment years 1997-98 and 1998-99. The Tribunal found that the assessee's inclusion of the property share in individual returns, instead of as part of an Association of Persons, was done under a bona fide belief and supported by past practices accepted by the revenue department. The appeals by the revenue were dismissed, affirming the deletion of penalties for the respective assessment years. Case-Laws Wealth-tax Fri, 20 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118510