https://www.taxtmi.com/caselaws?id=37194 The court quashed the CWT's order rejecting the petitioner's application for waiver of penalty under the Wealth-tax Act, 1957. The court emphasized that good faith in disclosure requires honesty, regardless of negligence, and found the petitioner's disclosure of wealth to be made in good faith. The court criticized the CWT's reliance on suspicions from previous income-tax assessments, deeming it irrelevant to the assessment of good faith in wealth disclosure. The court directed a fresh consideration of the waiver application without imposing any costs. en-us Tue, 13 Nov 1979 00:00:00 +0530 Sat, 27 Mar 2010 12:31:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37194 The court quashed the CWT's order rejecting the petitioner's application for waiver of penalty under the Wealth-tax Act, 1957. The court emphasized that good faith in disclosure requires honesty, regardless of negligence, and found the petitioner's disclosure of wealth to be made in good faith. The court criticized the CWT's reliance on suspicions from previous income-tax assessments, deeming it irrelevant to the assessment of good faith in wealth disclosure. The court directed a fresh consideration of the waiver application without imposing any costs. Case-Laws Wealth-tax Tue, 13 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37194