https://www.taxtmi.com/caselaws?id=9420 The appeal against the order of the Income-tax Appellate Tribunal regarding penalty imposition under section 18(1)(c) of the Wealth-tax Act for undervaluing property was dismissed. The court upheld the Tribunal's decision to delete the penalty, citing the absence of male fide intention on the part of the assessee and the lack of evidence to support the Revenue's claim. The Gujarat High Court precedent highlighted that penalties require evidence of male fide intention, which was not present in this case. Consequently, the penalty imposition was deemed unwarranted, and the Tribunal's decision was affirmed. en-us Mon, 24 Oct 2005 00:00:00 +0530 Mon, 22 Jun 2009 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9420 The appeal against the order of the Income-tax Appellate Tribunal regarding penalty imposition under section 18(1)(c) of the Wealth-tax Act for undervaluing property was dismissed. The court upheld the Tribunal's decision to delete the penalty, citing the absence of male fide intention on the part of the assessee and the lack of evidence to support the Revenue's claim. The Gujarat High Court precedent highlighted that penalties require evidence of male fide intention, which was not present in this case. Consequently, the penalty imposition was deemed unwarranted, and the Tribunal's decision was affirmed. Case-Laws Wealth-tax Mon, 24 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9420