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1986 (3) TMI 68 - HC - Wealth-taxExtract: .......fficer failed to initiate penalty proceedings under section 18(1)(a) read with section 18(2) of the Wealth-tax Act. The question is accordingly answered against the Revenue and in favour of the assessee. Since nobody has appeared to contest the reference on behalf of the assessee, parties are left to bear their own costs of the present proceedings.
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