https://www.taxtmi.com/caselaws?id=17560 The court found in favor of the petitioner in a case challenging the penalty imposed under section 18B of the Wealth-tax Act, 1957. The court held that the petitioner had fulfilled all conditions for waiver or reduction of penalty, including voluntary disclosure, accurate wealth disclosure, and cooperation with the tax authorities. The court emphasized that the delay in filing wealth-tax returns should not have been a factor in considering the waiver application. Consequently, the court quashed the Commissioner's order, directing the waiver of the penalty imposed on the petitioner for the relevant assessment years. en-us Fri, 20 Dec 1996 00:00:00 +0530 Wed, 23 Sep 2009 12:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17560 The court found in favor of the petitioner in a case challenging the penalty imposed under section 18B of the Wealth-tax Act, 1957. The court held that the petitioner had fulfilled all conditions for waiver or reduction of penalty, including voluntary disclosure, accurate wealth disclosure, and cooperation with the tax authorities. The court emphasized that the delay in filing wealth-tax returns should not have been a factor in considering the waiver application. Consequently, the court quashed the Commissioner's order, directing the waiver of the penalty imposed on the petitioner for the relevant assessment years. Case-Laws Wealth-tax Fri, 20 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17560