https://www.taxtmi.com/caselaws?id=58504 The Tribunal set aside the penalty imposed under section 18(1)(c) for non-disclosure of jewellery in the wealth tax assessment, ruling that the penalty was unjustified as there was no deliberate concealment by the assessee. The Tribunal found discrepancies in the valuation of jewellery and accepted explanations for a portion of the seized jewellery, ultimately concluding that only jewellery worth Rs. 9,000 remained unexplained, which did not warrant the penalty imposed. Consequently, the penalty was cancelled, and the appeal by the assessee was allowed with the orders of the lower authorities being set aside. en-us Mon, 12 Jan 1987 00:00:00 +0530 Mon, 20 Dec 2010 12:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58504 The Tribunal set aside the penalty imposed under section 18(1)(c) for non-disclosure of jewellery in the wealth tax assessment, ruling that the penalty was unjustified as there was no deliberate concealment by the assessee. The Tribunal found discrepancies in the valuation of jewellery and accepted explanations for a portion of the seized jewellery, ultimately concluding that only jewellery worth Rs. 9,000 remained unexplained, which did not warrant the penalty imposed. Consequently, the penalty was cancelled, and the appeal by the assessee was allowed with the orders of the lower authorities being set aside. Case-Laws Wealth-tax Mon, 12 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58504