https://www.taxtmi.com/caselaws?id=270465 The Appellate Tribunal ITAT Kolkata ruled in favor of the assessee, canceling the penalty imposed under section 18(1)(c) of the Wealth Tax Act. The Tribunal found no concealment of wealth and accepted the assessee's argument that certain assets were not fully taxable wealth based on a bona fide belief supported by previous assessments and judicial precedents. Consequently, the appeal against the penalty imposition was allowed, overturning the decisions of the Assessing Officer and the Commissioner of Wealth Tax (Appeals). en-us Fri, 04 Dec 2015 00:00:00 +0530 Wed, 06 Jan 2016 23:44:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270465 The Appellate Tribunal ITAT Kolkata ruled in favor of the assessee, canceling the penalty imposed under section 18(1)(c) of the Wealth Tax Act. The Tribunal found no concealment of wealth and accepted the assessee's argument that certain assets were not fully taxable wealth based on a bona fide belief supported by previous assessments and judicial precedents. Consequently, the appeal against the penalty imposition was allowed, overturning the decisions of the Assessing Officer and the Commissioner of Wealth Tax (Appeals). Case-Laws Wealth-tax Fri, 04 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270465