https://www.taxtmi.com/caselaws?id=56482 The Tribunal allowed all appeals of the assessees, canceling penalties imposed by the Assessing Officer and sustained by the Commissioner of Income Tax (Appeals). The penalties under sections 271(1)(c) of the Income Tax Act, 1961, and 18(1)(c) of the Wealth Tax Act, 1957, were found unjustified as they were imposed based on a lack of knowledge rather than deliberate concealment of income/wealth. The Tribunal noted that penalties were waived for beneficiaries who voluntarily disclosed income, leading to the conclusion that penalties on the remaining beneficiaries were unwarranted. en-us Thu, 19 Aug 2004 00:00:00 +0530 Fri, 03 Dec 2010 19:12:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56482 The Tribunal allowed all appeals of the assessees, canceling penalties imposed by the Assessing Officer and sustained by the Commissioner of Income Tax (Appeals). The penalties under sections 271(1)(c) of the Income Tax Act, 1961, and 18(1)(c) of the Wealth Tax Act, 1957, were found unjustified as they were imposed based on a lack of knowledge rather than deliberate concealment of income/wealth. The Tribunal noted that penalties were waived for beneficiaries who voluntarily disclosed income, leading to the conclusion that penalties on the remaining beneficiaries were unwarranted. Case-Laws Income Tax Thu, 19 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56482