Law:

Section:

Section 18(1)(c) of the Wealth-tax Act, 1957 - Penalty - For concealment of income - Tribunal deleted penalty levied under section 18(1)(c) on ground that difference in computation of wealth as shown in return and as finally determined was due to break-up value of shares calculated after making allowance for certain liabilities - According to Tribunal, whether said liabilities were certain or contingent was tricky question of law and therefore calculation made by assessee at lower figure did not indicate concealment of particulars of wealth - Whether finding of Tribunal was finding of fact, and therefore, no question of law arose therefrom for reference - Held, yes FACTS The Tribunal deleted the penalty levied under section 18(1)(c ) holding that the difference in computation of wealth as shown in the return and as finally determined was due to the fact that the break-up value of the shares of the assesses in a company had been calculated after making allowance for certain liabilities. The Tribunal observed that whether the liabilities were contingent or certain was a tricky question of law and related to the interpretation of certain statutes and, therefore, the calculation made by the assessee at a lower figure did not indicate concealment of particulars of wealth. On application under section 27(2). HELD The finding of the Tribunal was a finding of fact, and therefore, no question of law arose for reference. Note: The case was decided in favour of the assessee. JUDGMENT Shukla, J.-This order shall also govern the disposal of Miscellaneous Civil Case No. 169 of 1979 (CWT v. Abhay Kumar) and Miscellaneous Civil Case No. 170 of 1979 (CWT v. Anil Kumar) as they arise out of a consolidated order of the Appellate Tribunal dated 15th September, 1978. The Commissioner of Wealth-tax has filed applications under s. 27(2) of the W.T. Act,…

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