Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2021 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (6) TMI 215 - AT - Wealth-taxWealth tax assessment - omission on the part of the assessee to hide or conceal the wealth was intended to avoid payment tax - penalty imposed under section 18(1)(c) of the Act - HELD THAT:- If the penalty order is perused in the light of the judgment of Hon’ble jurisdictional High Court [2012 (12) TMI 981 - HIGH COURT OF GUJARAT], then it will reveal that the ld.AO was not specific in his finding for which he has visited the assessee with penalty. We also find support from the order of case HPCL MITTAL ENERGY LTD. [2018 (6) TMI 1554 - ITAT AMRITSAR] wherein the ld.Third Member held that where the satisfaction of the AO while initiating penalty proceedings under section 271(1)(c) of the Income Tax Act, 1961 is with regard to alleged concealment of income by the assessee, whereas the imposition of the penalty is for ‘concealment/furnishing inaccurate particulars of income’, the levy of penalty is not sustainable. It is pertinent here to note that section 271(1)(c) of the Income Tax Act, 1961 and section 18(1)(c) of the Wealth Tax Act, 1957 are pari materia to each other in terms of purpose and object, and therefore, proposition of law laid down by various higher judicial forums would be applicable on the same analogous in the cases of proceedings under section 18(1)(c) of the Act as well. Therefore, the impugned order is not in line of law laid down by the Hon’ble jurisdictional High Court, and hence not sustainable. The ld.CIT(A) has erred in upholding this order of the AO. We allow this appeal of the assessee and quash the penalty order- Appeal of the assessee is allowed.
|