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2018 (8) TMI 1491 - AT - Wealth-taxPenalty u/s 18(1)(c) of the Wealth Tax Act - concealment of particulars of wealth - assessee filed the wealth tax return only after issuance of notice u/s 17(1A) - Held that:- The records placed before us shows that the allegations made by both the lower authorities is not correct, as the assessee filed the return few days before the notice issued u/s 17(1A) of the Act. The assessee voluntarily paid taxes and declared total wealth in the return of wealth tax. In this situation the assessee cannot not be held to have concealed the particulars of wealth. As regards non inclusion of value of Indica car of ₹ 1,81,772/- in the computation of wealth, we observe that the assessee has disclosed the value of other remaining three cars and the total value of assets excluding the value of Indica Car has been disclosed at ₹ 1,00,58,811/-. We find merit in the contention of the assessee that due to inadvertence and without having any mensrea of evading the wealth tax, the assessee failed to include the value of Indica Car in the computation of wealth and for such un intentional error the assessee should not be visited with penalty. Both the lower authorities were not justified in confirming the penalty of ₹ 1,00,000/- u/s 18(1)(c) - Decided in favour of assessee
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