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2006 (2) TMI 109 - HC - Wealth-taxPenalty – furnishing of inaccurate particulars - Whether, Tribunal is justified in sustaining the action of the first appellate authority in approving the levy of penalty under section 18(1)(a) and 18(1)(c) of the Act? - Whether, on the facts and in the circumstances of the case, the Tribunal is justified in confirming the action of the lower authorities in invoking Explanation 4 to section 18(1)(c) of the Act?" - only explanation of the assessee was that he was under the bona fide impression that the assets were not taxable for these years - In view of the clear and unambiguous nature of the provisions of section 40(3) of the Finance Act of 1983, it can be said that a patently wrong reading of the section cannot be camouflaged in terms of a bona fide mistake. It is therefore clear that the assessee had a taxable asset. In terms of Explanation 4 to section 18(1)(c) the assessee was deemed to have furnished inaccurate particulars. Furthermore, the assessee was not able to substantiate its contention that its belief in the non-assessability of non-agricultural land was a bona fide mistake. The findings recorded by the Tribunal do not suffer from any legal infirmity
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