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2016 (6) TMI 448 - AT - Wealth-taxPenalty imposed u/s 18(1)(c) of the W.T Act - concealment of wealth for not filing the W.T return voluntarily - Held that:- In the present case, The AO must have found that that the assessee concealed his particulars of any asset or furnished any inaccurate particulars of assets or debts as prescribed in clause ( c) of section 18 of the W.T Act 1957 and AO has not given any cogent reason for imposition of penalty. As discussed above mere non-furnishing of a return per se is not tantamount to concealed his particulars of any asset or furnished any inaccurate particulars of assets or debts within the meaning of clause ( c) of section 18 of the W.T Act 1957 Since the assessee himself is a senior citizen and his the then AR, Mr. K.V Singh was serious ill and hospitalized is reasonable cause for not filing the wealth tax return for the assessment year under consideration in time. Thus referring to Explanation-3 to clause (c) of section 18(1) of the W.T Act 1957, we are of the considered opinion that the penalty imposed u/s. 18(1)( c) of the W.T Act 1957 and confirmed by the CIT(A) is not sustainable in law. The same is, therefore quashed, accordingly grounds raised by the assessee are allowed. - Decided in favour of assessee
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