https://www.taxtmi.com/caselaws?id=260331 The Tribunal upheld the deletion of the penalty imposed under Section 18(1)(c) of the Wealth Tax Act, 1957, for the assessment years 2002-03 to 2008-09. It found that Explanation 5 applied instead of Explanation 3, as the assessee had disclosed assets during a search and included them in the return of wealth. The Tribunal concluded that the Assessing Officer was not justified in imposing the penalty and dismissed the Revenue's appeals. en-us Fri, 15 May 2015 00:00:00 +0530 Tue, 09 Jun 2015 07:27:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260331 The Tribunal upheld the deletion of the penalty imposed under Section 18(1)(c) of the Wealth Tax Act, 1957, for the assessment years 2002-03 to 2008-09. It found that Explanation 5 applied instead of Explanation 3, as the assessee had disclosed assets during a search and included them in the return of wealth. The Tribunal concluded that the Assessing Officer was not justified in imposing the penalty and dismissed the Revenue's appeals. Case-Laws Wealth-tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260331