https://www.taxtmi.com/caselaws?id=61113 The penalties imposed under section 18(1)(c) of the Wealth Tax Act for the assessment years 1968-69 and 1969-70 were challenged in this case. The penalties were deleted as there was no evidence of asset concealment by the assessee. The Tribunal found that the additions made to the taxable wealth of the assessee did not necessarily indicate undisclosed assets, especially since the assessee disclaimed any benefit from those additions. Therefore, the penalties were deemed unjustified and were subsequently deleted, resulting in the appeals being allowed. en-us Mon, 29 Jan 1979 00:00:00 +0530 Mon, 10 Jan 2011 18:33:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61113 The penalties imposed under section 18(1)(c) of the Wealth Tax Act for the assessment years 1968-69 and 1969-70 were challenged in this case. The penalties were deleted as there was no evidence of asset concealment by the assessee. The Tribunal found that the additions made to the taxable wealth of the assessee did not necessarily indicate undisclosed assets, especially since the assessee disclaimed any benefit from those additions. Therefore, the penalties were deemed unjustified and were subsequently deleted, resulting in the appeals being allowed. Case-Laws Wealth-tax Mon, 29 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61113