Law:

Section:

Section 18 of the Wealth-tax Act, 1957 - Penalty - For late filing of return - Whether the date of the decision of authority to initiate proceedings lot levying penalty would govern the relevant law applicable for the quantification of the amount of such penalty under section 18 - Held, yes Section 35, read with section 18(1)(a), of the Wealth-tax Act, 1957 - Rectification of mistake - Apparent from record - Assessee was required to submit his return by 30-6-1968, but he filed it on 20-2-1970 - WTO initially levied penalty in terms of law prevailing prior to 1-4-1969, which was accepted by assessee - Subsequently, WTO passed rectification order, after complying with requirements of section 35, and ' enhanced amount of penalty in terms of section 18, as amended with effect from 1-4-1969 - Whether rectification was justified - Held, yes Section 23 of the Wealth-tax Act, 1957 - Appellate Assistant Commissioner/Commissioner (Appeals) - Powers of - Whether in view of facts under the heading 'Rectification of mistake - Apparent from record', AAC was competent to consider levy of penalty on merit in appeals against orders under section 35 passed by WTO enhancing Quantum of penalty despite assessee's acceptance of penalty as per original order levying penalty - Held, no Facts The assessee was required to submit his return by 30-6-1968, but admittedly he filed the return much later on 20-2-1970. The WTO initially levied penalty for late filing of returns in terms of the law prevailing: prior to 1-4-1969, which the assessee virtually accepted. However, later the WTO found that in the matter of the quantum of penalty an error of law apparent on the record had been committed inasmuch as the law and rate applicable should be the one in force after the enforcement of the Finance Act, 1969, i.e., 1-4-1969, since the return had been filed on 20-2-1970. He, accordingly, initiated rectification proceedings and after complying with requirements of section 35, enhanced the penalty in terms of section 18, as amended by the Finance Act, 1969. On appeal against the rectification order, the AAC not merely adverted to the quantum of the penalty but proceeded to examine the issue on…

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