https://www.taxtmi.com/caselaws?id=373645 The Bombay High Court upheld the Tribunal's decision in two wealth tax appeals, confirming the valuation of immovable properties, application of valuation standards, and penalty imposition. The Court emphasized the importance of using property sales in the vicinity for valuation, deleted the penalty imposed by the Wealth Tax Officer, and cited case law to support its decision that valuation discrepancies do not amount to concealment of wealth warranting penalties. The wealth tax assessment became final, with the Court dismissing both appeals in line with relevant case law in wealth tax matters. en-us Mon, 14 Jan 2019 00:00:00 +0530 Fri, 08 Feb 2019 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373645 The Bombay High Court upheld the Tribunal's decision in two wealth tax appeals, confirming the valuation of immovable properties, application of valuation standards, and penalty imposition. The Court emphasized the importance of using property sales in the vicinity for valuation, deleted the penalty imposed by the Wealth Tax Officer, and cited case law to support its decision that valuation discrepancies do not amount to concealment of wealth warranting penalties. The wealth tax assessment became final, with the Court dismissing both appeals in line with relevant case law in wealth tax matters. Case-Laws Wealth-tax Mon, 14 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373645