https://www.taxtmi.com/caselaws?id=270465 Penalty for non-filing of a wealth-tax return was held not leviable where the assessee had disclosed jewellery and cash in the balance sheet and later filed the return in response to notice. The Tribunal accepted the assessee's bona fide belief that the cash represented business funds and that, after accounting for the liability already recognised in earlier proceedings, the jewellery did not take net wealth above the filing threshold. As the element of concealment required for penalty was not established on these facts, the penalty under section 18(1)(c) was cancelled. 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 Penalty for non-filing of a wealth-tax return was held not leviable where the assessee had disclosed jewellery and cash in the balance sheet and later filed the return in response to notice. The Tribunal accepted the assessee's bona fide belief that the cash represented business funds and that, after accounting for the liability already recognised in earlier proceedings, the jewellery did not take net wealth above the filing threshold. As the element of concealment required for penalty was not established on these facts, the penalty under section 18(1)(c) was cancelled. Case-Laws Wealth-tax Fri, 04 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270465