https://www.taxtmi.com/caselaws?id=55868 The Tribunal upheld the CIT (A) order canceling penalties imposed on an HUF under section 18(1)(c) of the Wealth Tax Act, 1957. The penalties were initiated due to valuation differences in jointly owned property. The Tribunal emphasized the right of the assessee to file revised returns voluntarily and criticized the Revenue for not considering the DVO's valuation. The appeals and cross objections were dismissed, affirming the cancellation of penalties and stressing the importance of accurate valuation procedures and adherence to legal provisions. en-us Fri, 03 Aug 1984 00:00:00 +0530 Tue, 30 Nov 2010 14:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55868 The Tribunal upheld the CIT (A) order canceling penalties imposed on an HUF under section 18(1)(c) of the Wealth Tax Act, 1957. The penalties were initiated due to valuation differences in jointly owned property. The Tribunal emphasized the right of the assessee to file revised returns voluntarily and criticized the Revenue for not considering the DVO's valuation. The appeals and cross objections were dismissed, affirming the cancellation of penalties and stressing the importance of accurate valuation procedures and adherence to legal provisions. Case-Laws Wealth-tax Fri, 03 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55868