https://www.taxtmi.com/caselaws?id=60165 The Tribunal canceled the penalty orders imposed under Section 18(1)(c) of the Wealth Tax Act for the assessment years 1972-73, 1973-74, and 1974-75. It found that the assessee's undervaluation of jewellery was not willful or fraudulent, attributing the discrepancy to a mechanical act without malicious intent. The Tribunal noted the lack of specific notice regarding the penalty for jewellery valuation, emphasizing the importance of providing a fair opportunity to address charges. Consequently, the appeals were allowed, and the penalties were revoked. en-us Thu, 29 Jan 1981 00:00:00 +0530 Tue, 04 Jan 2011 11:09:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60165 The Tribunal canceled the penalty orders imposed under Section 18(1)(c) of the Wealth Tax Act for the assessment years 1972-73, 1973-74, and 1974-75. It found that the assessee's undervaluation of jewellery was not willful or fraudulent, attributing the discrepancy to a mechanical act without malicious intent. The Tribunal noted the lack of specific notice regarding the penalty for jewellery valuation, emphasizing the importance of providing a fair opportunity to address charges. Consequently, the appeals were allowed, and the penalties were revoked. Case-Laws Wealth-tax Thu, 29 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60165