https://www.taxtmi.com/caselaws?id=11721 The High Court upheld the Income-tax Appellate Tribunal's decision to cancel the penalty imposed under section 18(1)(c) of the Wealth-tax Act, 1957. The Tribunal found that the assessee's voluntary disclosure of assets and corrective actions demonstrated no intention to defraud the Revenue, leading to the conclusion that there was no gross or wilful neglect. The Court deemed the Tribunal's findings rational and based on sufficient evidence, dismissing the Revenue's petition for reference as no legal question arose from the Tribunal's order. en-us Thu, 10 Oct 2002 00:00:00 +0530 Sat, 06 Feb 2010 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11721 The High Court upheld the Income-tax Appellate Tribunal's decision to cancel the penalty imposed under section 18(1)(c) of the Wealth-tax Act, 1957. The Tribunal found that the assessee's voluntary disclosure of assets and corrective actions demonstrated no intention to defraud the Revenue, leading to the conclusion that there was no gross or wilful neglect. The Court deemed the Tribunal's findings rational and based on sufficient evidence, dismissing the Revenue's petition for reference as no legal question arose from the Tribunal's order. Case-Laws Wealth-tax Thu, 10 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11721