https://www.taxtmi.com/caselaws?id=58480 The Tribunal upheld the decision to cancel penalties under Section 18(1)(c) of the Wealth Tax Act, ruling that the case did not fall within Explanation 4. It found no evidence of fraud or wilful neglect by the assessee, who relied on professional valuation methods. The Tribunal emphasized that penalty laws applicable were those in force when returns were filed, predating Explanation 4. Consequently, the revenue's appeals were dismissed. en-us Wed, 31 Aug 1983 00:00:00 +0530 Mon, 20 Dec 2010 11:54:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58480 The Tribunal upheld the decision to cancel penalties under Section 18(1)(c) of the Wealth Tax Act, ruling that the case did not fall within Explanation 4. It found no evidence of fraud or wilful neglect by the assessee, who relied on professional valuation methods. The Tribunal emphasized that penalty laws applicable were those in force when returns were filed, predating Explanation 4. Consequently, the revenue's appeals were dismissed. Case-Laws Wealth-tax Wed, 31 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58480