https://www.taxtmi.com/caselaws?id=58587 Penalty for concealment of net wealth was sustained where the assessees returned their partnership interest at nil despite knowledge that the firm's land had been agreed to be sold for substantial consideration and that the transaction was actively pursued. The earlier quantum finding had already treated the land as part of the firm's assets and increased the partners' interests accordingly, so the omission was not bona fide. The difference between the declared and correct values also brought the case within the Explanation to the penalty provision, justifying imposition of penalty under the Wealth-tax Act. en-us Sat, 05 Dec 1987 00:00:00 +0530 Mon, 20 Dec 2010 17:27:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58587 Penalty for concealment of net wealth was sustained where the assessees returned their partnership interest at nil despite knowledge that the firm's land had been agreed to be sold for substantial consideration and that the transaction was actively pursued. The earlier quantum finding had already treated the land as part of the firm's assets and increased the partners' interests accordingly, so the omission was not bona fide. The difference between the declared and correct values also brought the case within the Explanation to the penalty provision, justifying imposition of penalty under the Wealth-tax Act. Case-Laws Income Tax Sat, 05 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58587