https://www.taxtmi.com/caselaws?id=244955 The Allahabad High Court upheld the decision of the Income Tax Appellate Tribunal to delete the penalty imposed under the Wealth Tax Act for Assessment Years 1995-2002. The Tribunal found the assessee's conduct to be bona fide, as there was no concealment or furnishing of inaccurate particulars of wealth. The Court agreed with the Tribunal's interpretation of Section 18(1)(c) and Explanation 4, supporting the reasoning that the valuation method used by the assessee was reasonable. The appeal by the revenue was dismissed, with no substantial question of law identified, and no costs imposed. en-us Tue, 25 Feb 2014 00:00:00 +0530 Thu, 13 Mar 2014 06:11:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244955 The Allahabad High Court upheld the decision of the Income Tax Appellate Tribunal to delete the penalty imposed under the Wealth Tax Act for Assessment Years 1995-2002. The Tribunal found the assessee's conduct to be bona fide, as there was no concealment or furnishing of inaccurate particulars of wealth. The Court agreed with the Tribunal's interpretation of Section 18(1)(c) and Explanation 4, supporting the reasoning that the valuation method used by the assessee was reasonable. The appeal by the revenue was dismissed, with no substantial question of law identified, and no costs imposed. Case-Laws Wealth-tax Tue, 25 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244955