https://www.taxtmi.com/caselaws?id=11512 The court upheld the Tribunal's decision to cancel penalties under section 18(1)(c) of the Wealth-tax Act. It found that the revised return, filed promptly and accurately within the prescribed time limit, corrected the initial valuation error. Moreover, as there was no evidence of mala fide intention by the assessee to provide inaccurate particulars, the court rejected the Revenue's appeal and affirmed the Tribunal's ruling. en-us Tue, 24 Jun 2003 00:00:00 +0530 Tue, 11 Aug 2009 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11512 The court upheld the Tribunal's decision to cancel penalties under section 18(1)(c) of the Wealth-tax Act. It found that the revised return, filed promptly and accurately within the prescribed time limit, corrected the initial valuation error. Moreover, as there was no evidence of mala fide intention by the assessee to provide inaccurate particulars, the court rejected the Revenue's appeal and affirmed the Tribunal's ruling. Case-Laws Wealth-tax Tue, 24 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11512