https://www.taxtmi.com/caselaws?id=328739 The Tribunal quashed the penalty imposed under Section 18(1)(c) of the Wealth Tax Act, 1957, and allowed the appeal. The decision highlighted the reasonable cause for the delay in filing the wealth tax return and the absence of concealment or furnishing of inaccurate particulars. Emphasizing that non-filing alone does not constitute concealment without meeting Explanation-3 conditions, the penalty was deemed unsustainable. The appellant's appeal succeeded, and the penalty was overturned. en-us Wed, 08 Jun 2016 00:00:00 +0530 Sat, 11 Jun 2016 13:15:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328739 The Tribunal quashed the penalty imposed under Section 18(1)(c) of the Wealth Tax Act, 1957, and allowed the appeal. The decision highlighted the reasonable cause for the delay in filing the wealth tax return and the absence of concealment or furnishing of inaccurate particulars. Emphasizing that non-filing alone does not constitute concealment without meeting Explanation-3 conditions, the penalty was deemed unsustainable. The appellant's appeal succeeded, and the penalty was overturned. Case-Laws Wealth-tax Wed, 08 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328739