https://www.taxtmi.com/caselaws?id=14802 The Tribunal ruled in favor of the assessee in a case concerning the valuation of property for wealth tax assessment. The Tribunal found that there was no deliberate understatement or gross neglect by the assessee in declaring the property value, setting it at Rs. 11 lakhs for each assessment year based on evidence and considerations. The Tribunal also determined that the burden of proof under section 18(1)(c) of the Wealth-tax Act was met by the assessee, leading to the conclusion that the penalty imposed for inaccurate particulars of wealth was unwarranted. en-us Thu, 06 Jul 2000 00:00:00 +0530 Sat, 18 Jul 2009 17:10:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14802 The Tribunal ruled in favor of the assessee in a case concerning the valuation of property for wealth tax assessment. The Tribunal found that there was no deliberate understatement or gross neglect by the assessee in declaring the property value, setting it at Rs. 11 lakhs for each assessment year based on evidence and considerations. The Tribunal also determined that the burden of proof under section 18(1)(c) of the Wealth-tax Act was met by the assessee, leading to the conclusion that the penalty imposed for inaccurate particulars of wealth was unwarranted. Case-Laws Wealth-tax Thu, 06 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14802