https://www.taxtmi.com/circulars?id=4427 Where understatement of net wealth results from disallowance of disputed tax claims that were included in returns to enable later rectification, taxpayers are regarded as having discharged the onus of proving absence of fraud or gross or wilful neglect, and penalty under section 18(1)(c) should not be levied. en-us Thu, 12 Jun 1969 00:00:00 +0530 Tue, 29 Jul 2008 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4427 Where understatement of net wealth results from disallowance of disputed tax claims that were included in returns to enable later rectification, taxpayers are regarded as having discharged the onus of proving absence of fraud or gross or wilful neglect, and penalty under section 18(1)(c) should not be levied. Circulars Income Tax Thu, 12 Jun 1969 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4427