https://www.taxtmi.com/caselaws?id=30870 The Tribunal upheld the cancellation of the penalty imposed under section 18(1)(c) of the Wealth-tax Act, 1957. It found that the assessee had adequately rebutted the presumption of concealing particulars of asset value by disclosing all relevant facts and materials. Despite the Department's arguments citing Explanation 4, the Tribunal determined that the burden of proof had shifted to the assessee, who successfully explained the valuation difference with a report from an approved valuer. The decision aligned with legal precedents and interpretations, ultimately dismissing the Department's appeal in favor of the assessee. en-us Mon, 24 Sep 2007 00:00:00 +0530 Wed, 01 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30870 The Tribunal upheld the cancellation of the penalty imposed under section 18(1)(c) of the Wealth-tax Act, 1957. It found that the assessee had adequately rebutted the presumption of concealing particulars of asset value by disclosing all relevant facts and materials. Despite the Department's arguments citing Explanation 4, the Tribunal determined that the burden of proof had shifted to the assessee, who successfully explained the valuation difference with a report from an approved valuer. The decision aligned with legal precedents and interpretations, ultimately dismissing the Department's appeal in favor of the assessee. Case-Laws Wealth-tax Mon, 24 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30870