Law:

Section:

Section 18(1)(i) of the Wealth-tax Act, 1957 [as it stood prior to 1-4-1969] - Penalty - For late filing of return - Assessment year 1967-68 - Whether calculation of penalty for default up to 31-3-1969 was to be made under section 18(1)(i), as substituted with effect from 1-4-1965 by section 18 of the Wealth-tax (Amendment) Act, 1964 and thereafter under section 18(1)(i) as substituted by section 24 of the Finance Act, 1969 - Held, yes FACTS The assessee filed his returns pertaining to the assessment years 1966-67 to 1968-69 belatedly. The WTO imposed penalties under section 18(1)(i). The question involved was as to the computation of penalty. On reference: HELD Following the decision in the case of T.K. Baruah v. CWT [1989] (1989) 176 ITR 287 (Gauhati), in the instant case the Tribunal was justified in holding that the calculation of penalty for default up to 31-3-1969 in filing the return for the assessment year 1967-68 had to be made under section 18(1 )(i) as substituted with effect from 1 -4-1965 by section 18 of the Wealth-tax (Amendment) Act, 1964, and thereafter under section 18(1)( i) as substituted by section 24 of the Finance Act, 1969. CASES REFERRED TO T.K. Baruah v. CWT [1989] (1989) 176 ITR 287 (Gauhati) and Maya Rani Punj v. CIT [1986] 157 ITR 330/ 24 Taxman 1 (SC). A. Sarma and Miss U. Baruah for the Applicant. JUDGMENT Raghuvir, CJ. - S. Charan Singh is the assessee in this reference under section 27(1) of the Wealth-tax Act, 1957. The following are the two questions referred: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that although the show-cause notices under section 18(2) of the Wealth-tax Act, 1957, were issued for non-compliance of the provisions of the notices under section 14(2) of the Wealth-tax Act, penalty orders imposing penalties for the default under section 14(1) of the Wealth-tax Act, for the assessment years 1966-67 and 1968-69 were valid and were not void ab initio ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of penalty for the assessment years 1966-67, 1967-68 and 1968-69, on the finding that the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492