https://www.taxtmi.com/caselaws?id=236352 The tribunal upheld the decisions of the Assessing Officer (AO) and the First Appellate Authority (FAA) to impose a penalty under Section 18(1)(c) of the Wealth Tax Act, 1957. The penalty was justified due to the assessee's failure to disclose taxable wealth and furnishing inaccurate particulars. The tribunal dismissed the appeal, emphasizing the strict liability nature of wealth tax and the limited role of bona fide belief in penalty proceedings. The order was pronounced on 14th August 2013, affirming the penalty imposition. en-us Wed, 14 Aug 2013 00:00:00 +0530 Fri, 23 Aug 2013 07:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236352 The tribunal upheld the decisions of the Assessing Officer (AO) and the First Appellate Authority (FAA) to impose a penalty under Section 18(1)(c) of the Wealth Tax Act, 1957. The penalty was justified due to the assessee's failure to disclose taxable wealth and furnishing inaccurate particulars. The tribunal dismissed the appeal, emphasizing the strict liability nature of wealth tax and the limited role of bona fide belief in penalty proceedings. The order was pronounced on 14th August 2013, affirming the penalty imposition. Case-Laws Wealth-tax Wed, 14 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236352