https://www.taxtmi.com/caselaws?id=271276 The Tribunal concluded that the penalties imposed under Section 18(1)(c) of the Wealth Tax Act were not justified. The assessees had voluntarily filed their returns before any notice was issued, and their returns were accepted without additions. The Tribunal held that the penalties were not warranted, the CIT(A) erred in confirming them, and Explanation 3 to Section 18(1)(c) did not apply. Consequently, the penalties were deleted, and the appeals were allowed. en-us Wed, 20 May 2015 00:00:00 +0530 Sun, 31 Jan 2016 23:13:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271276 The Tribunal concluded that the penalties imposed under Section 18(1)(c) of the Wealth Tax Act were not justified. The assessees had voluntarily filed their returns before any notice was issued, and their returns were accepted without additions. The Tribunal held that the penalties were not warranted, the CIT(A) erred in confirming them, and Explanation 3 to Section 18(1)(c) did not apply. Consequently, the penalties were deleted, and the appeals were allowed. Case-Laws Wealth-tax Wed, 20 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271276