No Penalty under Wealth tax if AO not specifies that default relates to concealment and/or furnishing of inaccurate particulars

Smt. Yannaben Anilbhai Jethani Vs ITO (ITAT Rajkot) We find that the issue for our consideration is, whether penalty initiated and levied under section 18(1)(c) of the Wealth Tax Act, without clearly specifying particular default relates concealment of wealth and/or furnishing of inaccurate particulars is valid in law ? The contention of the assessee that assessing officer has failed to specify charge whether penalty is being imposed for furnishing inaccurate particulars or concealment of income. The case of the assessee is that show cause notice was issued “for filing inaccurate particulars...