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2016 (9) TMI 1536 - AT - Wealth-taxLevy of penalty under section 18(1)(c) of WT Act - escapement of wealth tax assessment - assessee has stated that the properties are business properties and hence exempt from wealth tax - HELD THAT:- It is a fact that in view the amendment to the statute w.e.f. 01.04.1997, commercial building also included in the definition of asset and accordingly, the assessee was taxed as the above Wealth Tax Act and, in fact, there is no difference of opinion. But, to initiate penalty proceedings against the assessee, the Department should have some material evidences that have been concealed or not furnished by the assessee. In this case, the assessee has furnished complete particulars and based on that the assessment was completed. Since, the assessee was under bonafide belief that the house properties, which was stated to have been let out, are not come under the definition of asset as per provisions of section 2(ea)(1) of the WT Act. In the appellate order, the ld. CIT(A) has not given any finding with regard to concealment of particulars that have been detected by the Department to levy penalty against the assessee. Under the above facts and circumstances and in the absence of any material concealed by the assessee, in our considered opinion, levy of penalty is not legally sustainable. Thus, the penalty levied under section 16(1)(c) of the WT Act is deleted
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