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2015 (6) TMI 291 - HC - Income TaxPenalty under sec.18(1)(c) of the Wealth Tax Act.- Held that:- As in the quantum appeal, the Tribunal deleted the addition made in respect of the property at Anna Nagar on the ground that the same cannot be included in the net wealth of the assessee. This factual aspect was not disputed by the learned D.R. when the property at Annanagar could not be included in the net wealth of the assessee, in our view there cannot be any concealment so as to levy penalty under sec.18(1)(c) of the Act in respect of the very same property. - Decided in favour of assessee.
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