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1977 (10) TMI 65 - AT - Wealth-taxExtract: .......te persons and were very aged. The affairs were looked after by their Munim and hence the said omissions had occurred. (v) No material has been placed on record to show that the omissions were made with knowledge and intent. Mere omission to show certain items of assets, however serious, could not be the basis for levy of penalty under s. 18(1)(c).
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