https://www.taxtmi.com/caselaws?id=260366 The High Court of Madras upheld the deletion of penalty by the Income Tax Appellate Tribunal for the assessment years 1985-86 to 1990-91. The Court agreed with the Tribunal's decision that since the property in question could not be included in the net wealth of the assessee, there was no basis for imposing a penalty under Section 18(1)(c) of the Wealth Tax Act. As the Revenue did not challenge the Tribunal's deletion of additions, the penalty was deemed unjustified. Consequently, the Court dismissed the Revenue's appeals, and no costs were incurred by either party. en-us Tue, 24 Feb 2015 00:00:00 +0530 Wed, 10 Jun 2015 06:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260366 The High Court of Madras upheld the deletion of penalty by the Income Tax Appellate Tribunal for the assessment years 1985-86 to 1990-91. The Court agreed with the Tribunal's decision that since the property in question could not be included in the net wealth of the assessee, there was no basis for imposing a penalty under Section 18(1)(c) of the Wealth Tax Act. As the Revenue did not challenge the Tribunal's deletion of additions, the penalty was deemed unjustified. Consequently, the Court dismissed the Revenue's appeals, and no costs were incurred by either party. Case-Laws Income Tax Tue, 24 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260366