https://www.taxtmi.com/caselaws?id=18943 The High Court rejected all reference applications from the Revenue concerning penalty assessments under section 18(1)(c) of the Wealth-tax Act for various assessment years. The court upheld the Tribunal's decisions, emphasizing that no question of law arose as the assessee had satisfactorily explained the facts and there was no concealment of wealth. The court reiterated that factual findings by the Tribunal precluded the application of the penalty provision, emphasizing that the matter had been conclusively determined based on factual assessments, leading to the rejection of the reference applications. en-us Mon, 13 Nov 1995 00:00:00 +0530 Tue, 03 Nov 2009 10:16:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18943 The High Court rejected all reference applications from the Revenue concerning penalty assessments under section 18(1)(c) of the Wealth-tax Act for various assessment years. The court upheld the Tribunal's decisions, emphasizing that no question of law arose as the assessee had satisfactorily explained the facts and there was no concealment of wealth. The court reiterated that factual findings by the Tribunal precluded the application of the penalty provision, emphasizing that the matter had been conclusively determined based on factual assessments, leading to the rejection of the reference applications. Case-Laws Wealth-tax Mon, 13 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18943