https://www.taxtmi.com/caselaws?id=122825 Concealment penalty was not exigible where guest house assets were fully disclosed in the wealth-tax return and the exemption claim rested on a bona fide interpretation of the statutory exclusion; the deletion of penalty on that item was upheld. Penalty was sustainable, however, where residential flats allotted to employees drawing annual salary above the prescribed threshold were not disclosed as taxable wealth, because the omission was treated as failure to disclose a clearly taxable asset rather than a case of competing views or bona fide doubt. The Revenue succeeded on the flats item, resulting in only partial relief for the assessee. en-us Wed, 24 Jun 2009 00:00:00 +0530 Sat, 18 Aug 2012 10:26:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122825 Concealment penalty was not exigible where guest house assets were fully disclosed in the wealth-tax return and the exemption claim rested on a bona fide interpretation of the statutory exclusion; the deletion of penalty on that item was upheld. Penalty was sustainable, however, where residential flats allotted to employees drawing annual salary above the prescribed threshold were not disclosed as taxable wealth, because the omission was treated as failure to disclose a clearly taxable asset rather than a case of competing views or bona fide doubt. The Revenue succeeded on the flats item, resulting in only partial relief for the assessee. Case-Laws Wealth-tax Wed, 24 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122825