https://www.taxtmi.com/caselaws?id=38404 Penalty under Explanation 1 to Section 18(1)(c) of the Wealth-tax Act was not sustainable where the Tribunal found the assessee's valuation of shares to be based on a bona fide difference of opinion. On that finding, the statutory burden stood discharged and the reference to mens rea did not change the essential basis of the decision, which was absence of concealment. The deletion of penalty was therefore upheld and the question was answered in favour of the assessee. en-us Thu, 09 Dec 1976 00:00:00 +0530 Tue, 06 Apr 2010 10:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38404 Penalty under Explanation 1 to Section 18(1)(c) of the Wealth-tax Act was not sustainable where the Tribunal found the assessee's valuation of shares to be based on a bona fide difference of opinion. On that finding, the statutory burden stood discharged and the reference to mens rea did not change the essential basis of the decision, which was absence of concealment. The deletion of penalty was therefore upheld and the question was answered in favour of the assessee. Case-Laws Wealth-tax Thu, 09 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38404