https://www.taxtmi.com/caselaws?id=26146 The Tribunal justified canceling penalties under section 18(1)(c) of the Wealth-tax Act, as the assessee's valuation of a requisitioned property was in good faith and not fraudulent. The Tribunal found no deliberate non-disclosure of the plot's value and no evidence of willful neglect. The decision was supported by precedents emphasizing the need for positive evidence of concealment to impose penalties. The Tribunal correctly placed the burden on the assessee, who successfully rebutted any presumption of fraud. The order was upheld, dismissing any legal challenges. en-us Tue, 20 Aug 1985 00:00:00 +0530 Wed, 03 Feb 2010 11:56:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26146 The Tribunal justified canceling penalties under section 18(1)(c) of the Wealth-tax Act, as the assessee's valuation of a requisitioned property was in good faith and not fraudulent. The Tribunal found no deliberate non-disclosure of the plot's value and no evidence of willful neglect. The decision was supported by precedents emphasizing the need for positive evidence of concealment to impose penalties. The Tribunal correctly placed the burden on the assessee, who successfully rebutted any presumption of fraud. The order was upheld, dismissing any legal challenges. Case-Laws Wealth-tax Tue, 20 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26146