https://www.taxtmi.com/caselaws?id=60863 Penalty for concealment of net wealth was held unsustainable where the assessee was only a nominee under a life insurance policy and did not acquire beneficial ownership merely by nomination. The department had to prove conscious concealment with knowledge and deliberate intent to suppress material facts, but the record showed no material establishing that the assessee knew of any obligation to disclose the amount as her exclusive wealth. The penalty under section 18(1)(c) of the Wealth-tax Act was therefore deleted and the assessee succeeded. en-us Wed, 23 Oct 1991 00:00:00 +0530 Sat, 08 Jan 2011 13:33:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60863 Penalty for concealment of net wealth was held unsustainable where the assessee was only a nominee under a life insurance policy and did not acquire beneficial ownership merely by nomination. The department had to prove conscious concealment with knowledge and deliberate intent to suppress material facts, but the record showed no material establishing that the assessee knew of any obligation to disclose the amount as her exclusive wealth. The penalty under section 18(1)(c) of the Wealth-tax Act was therefore deleted and the assessee succeeded. Case-Laws Wealth-tax Wed, 23 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60863