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2017 (3) TMI 1419 - AT - Wealth-taxPenalty imposed under s.18(1)(c) of Wealth Tax Act - concealment of any ‘particulars’ of wealth per se - CWT(A) directed the AO to cancel the penalty - Held that:- No infirmity in the reasoning of the CWT(A). The CWT(A), in our view, has appreciated the facts in perspective. It is not a case where any wealth was kept hidden from the knowledge of the Department. It is merely a case where the assessee has initially agitated the taxability of cash in hand after making a proper disclosure of the facts thereon and later shifted his stand on the same voluntarily prior to any discussion on the point. Under these circumstances, the conclusion reached by the CWT(A) cannot be faulted.- Decided in favour of assessee
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