https://www.taxtmi.com/caselaws?id=11918 The court found in favor of the petitioner in a case involving the waiver of penalty under Section 18B of the Wealth-tax Act, 1957. The court held that the Commissioner erred in rejecting the waiver application as the petitioner met the conditions for waiver, including voluntary filing, good faith, full disclosure, cooperation in assessment proceedings, and payment of tax. The court emphasized that the lack of penalty proceedings initiation implied a presumption of full and true disclosure of assets. Consequently, the court quashed the Commissioner's order and directed a fresh decision on the waiver application, following established legal principles. en-us Tue, 10 Dec 2002 00:00:00 +0530 Thu, 11 Feb 2010 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11918 The court found in favor of the petitioner in a case involving the waiver of penalty under Section 18B of the Wealth-tax Act, 1957. The court held that the Commissioner erred in rejecting the waiver application as the petitioner met the conditions for waiver, including voluntary filing, good faith, full disclosure, cooperation in assessment proceedings, and payment of tax. The court emphasized that the lack of penalty proceedings initiation implied a presumption of full and true disclosure of assets. Consequently, the court quashed the Commissioner's order and directed a fresh decision on the waiver application, following established legal principles. Case-Laws Wealth-tax Tue, 10 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11918