https://www.taxtmi.com/caselaws?id=270017 The High Court upheld the Tribunal's decisions to delete penalties under Section 18(1)(c) of the Wealth Tax Act for assessment years 1984-85 to 1986-87 and 1987-88 to 1988-89. The Tribunal found no inaccuracies in valuation submissions and deemed the omissions in wealth tax returns reasonable due to losses incurred by the assessee. Consequently, penalties were dismissed for both periods as the Tribunal's decisions were supported by law and facts, leading to the dismissal of the appeals. en-us Mon, 02 Nov 2015 00:00:00 +0530 Sat, 26 Dec 2015 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270017 The High Court upheld the Tribunal's decisions to delete penalties under Section 18(1)(c) of the Wealth Tax Act for assessment years 1984-85 to 1986-87 and 1987-88 to 1988-89. The Tribunal found no inaccuracies in valuation submissions and deemed the omissions in wealth tax returns reasonable due to losses incurred by the assessee. Consequently, penalties were dismissed for both periods as the Tribunal's decisions were supported by law and facts, leading to the dismissal of the appeals. Case-Laws Wealth-tax Mon, 02 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270017