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TMI Blog2018 (8) TMI 1491X X X X Extracts X X X X X X X X Extracts X X X X ..... h, 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 - WTA No. 02/I/18 - - - Dated:- 21-8-2018 - Shri Kul Bharat, Hon ble Judicial Member And Shri Manish Borad, H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t succeed. Now the assessee is in appeal before this Tribunal. 5. The Ld. Counsel for the assessee submitted that the basis of levy of penalty imposed by the Ld.A.O as well as the reason given by the Ld.CIT(A) was that the assessee has filed the wealth tax return after the issuance of notice u/s 17(1A) of the Wealth Tax Act is not correct. Referring to the wealth tax assessment order dated 3.12.2015, he submitted that the wealth tax return was filed on 19.3.2014 for the assessment year 2011-12 and the notices u/s 17 of the wealth tax was issued subsequently on 28.3.2014 and all necessary details of wealth were filed in the computation. He however accepted that under bonafide mistake the value of Indica car of ₹ 1,81,872/- could not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Wealth Tax Act. 8. From the records placed before us shows that the penalty order as well as the findings of Ld.CIT(A) it is clearly evident that the basis for levying penalty was that the assessee filed the wealth tax return only after issuance of notice u/s 17(!A) of the Act but 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. 9. 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/- i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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