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2018 (6) TMI 1203 - AT - Wealth-taxPenalty u/s. 18(1)(c) - reopening u/s. 17 - deliberately concealed the particulars of wealth - Held that:- As seen from the satisfaction recorded and the order of the AO, there is no information with AO about the wealth of assessee. It was only when AO made roving enquiries about assets held, assessee disclosed the jewellery received on gift at the time of her marriage (20-05-2003). The explanation given was that she is not aware about the wealth tax liability on that jewellery to be accepted as bonafide, as she has no other assets either immovable or movable, as can be seen from the computations filed. Even though the proceedings were initiated and finalized u/s. 17 in AY. 2005-06 and AY. 2006-07, no penalty u/s. 18(1)(c) was levied by the AO. Thus, the reopening u/s. 17 has no relevance for levy of penalty. As the explanation was bonafide, this being first year of wealth tax in her case, we are of the opinion that the facts do not warrant penalty u/s. 18(1)(c) of the Wealth Tax Act. - Decided in favour of assessee
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