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2016 (1) TMI 257 - AT - Wealth-taxLevy of penalty for concealment of wealth - Assessee responded that notice u/s 17 of the Act was merely issued due to change in opinion from the assessment records and does not attract the penalty provisions. - It was his submission that in the situation that prevailed as on the due date for filing the return of income the assessee was under bona fide belief that there was no requirement for filing wealth tax return and therefore no adverse inference of concealment of wealth can be drawn against the assessee. - Held that:- in the given facts and circumstances of the case it cannot be said that the Assessee concealed particulars of wealth as is the charge sought to be made out by the Revenue. - no penalty ought to have been levied on the Assessee u/s.18(1)( c) of the Act. - Decided in favor of assessee.
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