https://www.taxtmi.com/caselaws?id=24702 Voluntary filing of wealth returns in good faith before notice under section 14(2), followed by departmental acceptance of the disclosed wealth, satisfied the statutory basis for waiver of penalty under section 18B(1)(a) of the Wealth-tax Act, 1957. The refusal to grant waiver could not be justified by the fact that income-tax had been paid regularly from an earlier assessment year, as that consideration was held irrelevant to the waiver inquiry. The refusal order was therefore unsustainable, and the penalties for the relevant assessment years were quashed. en-us Fri, 30 Sep 1988 00:00:00 +0530 Thu, 21 Jan 2010 17:25:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24702 Voluntary filing of wealth returns in good faith before notice under section 14(2), followed by departmental acceptance of the disclosed wealth, satisfied the statutory basis for waiver of penalty under section 18B(1)(a) of the Wealth-tax Act, 1957. The refusal to grant waiver could not be justified by the fact that income-tax had been paid regularly from an earlier assessment year, as that consideration was held irrelevant to the waiver inquiry. The refusal order was therefore unsustainable, and the penalties for the relevant assessment years were quashed. Case-Laws Wealth-tax Fri, 30 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24702