2005 (10) TMI 39

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..... . It is also not the case of the Revenue that the assessee had the mala fide intention of furnishing inaccurate particulars. Hence penalty cannot be imposed on the assessee as the assessee has no mala fide intention - Tribunal was justified in deleting the penalty levied by the Assessing Officer under section 18(1)(c) of the Wealth-tax Act
Judge(s) : P. D. DINAKARAN., N. KANNADASAN. JUDGMENT .....

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..... ome-tax (Appeals), who held that it is not a fit case to impose penalty and allowed the appeal. It is against the said order the Revenue approached the Income-tax Appellate Tribunal. The Tribunal upheld the order of the Commissioner of Income-tax (Appeals) and dismissed the appeal following its earlier orders. It is against that order the Revenue has preferred the present appeal, raising the follo .....

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..... ee had no intention to furnish inaccurate particulars and the said finding had been confirmed by the Tribunal. Therefore, it could not be presumed that the assessee had a mala fide intention to furnish inaccurate particulars. Since the assessee had revealed the correct valuation of the property before the assessment proceedings had been completed, it could not be said that the assessee had furnish .....

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