Maximum penalty leviable for concealment of wealth under Wealth-tax Act, 1957 is

CS Executive · Tax Laws and Practice · PYQS · June 2015
Maximum penalty leviable for concealment of wealth under Wealth-tax Act, 1957 is
(A) 100% of tax avoided
(B) 300% of tax avoided
(C) 500% of tax avoided
(D) None of the above.

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Wealth Tax

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