Case Law Details
Sahara India Commercial Corporation Ltd. Vs. DCIT (ITAT Delhi)
Facts of the Case
Briefly stated relevant facts are that the assessee filed the return of wealth on 23/11/2009 showing a net wealth of Rs. 15,59,03,165/-and subsequently having realized that inadvertently they have omitted to add the taxable assets of the partnership firms in which the assessee company was a partner, filed a revised computation of wealth on 20/12/20 10 showing the net wealth at Rs. 36,90,03,980/-. Assessment was complete on the total net wealth of Rs. Rs. 36,90,03,980/-. However the AO proceeded to levy penalty under section 18 (1) (c) of the Act for concealment of income, and according to the assessee Ld. AO failed to appreciate the fact that the filing of revised computation by the assessee by adding the earlier inadvertently omitted portion of wealth was without any detection from the side of the Department, as such, there was no concealment within the meaning of section 18 (1) (c) of the wealth tax Act. Appeal preferred to the Commissioner of Wealth Tax was dismissed by way of impugned order. The assessee is, therefore before us in this appeal challenging the lavy of penalty of Rs. 21,31,100/-.
Held by ITAT
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