https://www.taxtmi.com/caselaws?id=56157 The Tribunal held that the penalty under section 18(1)(c) of the Wealth-tax Act was not justified as the disclosed immovable properties did not fall under the term "other valuable article or thing" in Explanation 5. It was determined that the movable assets disclosed were not unaccounted for during the search. Consequently, the penalties were vacated, and the appeals were allowed in favor of the assessee. en-us Mon, 15 Apr 1996 00:00:00 +0530 Thu, 02 Dec 2010 09:54:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56157 The Tribunal held that the penalty under section 18(1)(c) of the Wealth-tax Act was not justified as the disclosed immovable properties did not fall under the term "other valuable article or thing" in Explanation 5. It was determined that the movable assets disclosed were not unaccounted for during the search. Consequently, the penalties were vacated, and the appeals were allowed in favor of the assessee. Case-Laws Income Tax Mon, 15 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56157