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2016 (1) TMI 1068 - AT - Wealth-taxLevy of penalty - concealment of wealth - delayed filing of wealth tax return beyond all times allowed - non-filing of wealth tax return in time - no addition whatsoever has been made to the wealth returned by the assessee - Held that:- the return filed by the assessee was voluntary. After receipt of the return, notice under section 17 has been issued to regularize the said return. There is no material on record to show that any action under section Wealth Tax Act was contemplated against the assessee prior to filing of the return by the assessee, The returns filed by the assessees have been accepted without making any addition. Considering these facts and circumstances of the case, we are of the opinion that Ld. CIT(A) has committed an error in confirming levy of concealment penalty which according to the facts of the case cannot be held to be justified. Levy of penalty deleted - Decided in favor of assessee.
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