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2016 (6) TMI 360 - AT - Wealth-taxPenalty on the assessee u/s 18(1)(c) of the Wealth Tax Act - Held that:- The show cause notice u/s. 18(2) of the Act is defective as it does not spell out the grounds on which the penalty is sought to be imposed. Following the decision of the Hon’ble Karnataka High Court in the case of CIT & Anr. v. Manjunatha Cotton and Ginning Factory, [2013 (7) TMI 620 - KARNATAKA HIGH COURT] we hold that the order imposing penalty has to be held as invalid and consequently penalty imposed is cancelled. - Decided in favour of assessee
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