Cases where tolerance margin of 25 per cent is exceeded because of disallowance of disputed tax liability - Whether penalty imposable for concealment of wealth

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Full Text of the Document

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.... wealth 1. The Board have received representations that even in cases where the disputed income-tax and wealth-tax demands, outstanding on the valuation date, are disallowed and such disallowances account for the shortfall of the returned wealth by more than 25 per cent of the assessed wealth, some Wealth-tax Officers have been levying penalty under section 18(1)(c). 2. No doubt, under section 2....