https://www.taxtmi.com/caselaws?id=56663 The penalty under section 18(1)(a) of the Wealth-tax Act was found to be not leviable as there was a bona fide belief by the assessee regarding the taxable limit of his wealth. The Judicial Member upheld the penalty, while the Accountant Member and Third Member disagreed, leading to the quashing of the penalty and allowing the appeal. en-us Fri, 15 Jan 1988 00:00:00 +0530 Mon, 06 Dec 2010 11:45:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56663 The penalty under section 18(1)(a) of the Wealth-tax Act was found to be not leviable as there was a bona fide belief by the assessee regarding the taxable limit of his wealth. The Judicial Member upheld the penalty, while the Accountant Member and Third Member disagreed, leading to the quashing of the penalty and allowing the appeal. Case-Laws Income Tax Fri, 15 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56663