1980 (11) TMI 73 - AT - Wealth-tax

Summary

The appeal was filed by the assessee against the penalty imposed by the WTO under s. 18(1)(c) of the WT Act for not disclosing his share in the reserve fund. The ITAT Bombay held that the omission was a bona fide error and not deliberate concealment, thus quashing the penalty and directing the refund of any penalty paid. The appeal was allowed.