Law: Wealth Tax Act, (XV of 1963)

Section: 18(1)(ii)(4),18(4),16(2)

Wealth Tax Act (XV of 1963)----S: 18(1)(ii)(4)---Penalty for concealment---Penalty by Special Officer---Validity---Provisions of S.18(4) of the Wealth Tax Act, 1963 clearly reveal that where non-compliance of statutory notices under S. 16(2) of the Wealth Tax Act, 1963 was committed by the assessee, the Deputy Commissioner was the competent authority to impose penalty with prior approval of Inspecting Additional Commissioner---Special Officer had passed penalty order by resorting to provisions of S.18(1)(ii) of the Wealth Tax Act, 1963, who was not competent to do so. (b) Whether Tax Act (XV of 1963)--- --Ss. 18(1)(ii) & 16(5)-Penalty for concealment---No intention was shown in the body of ex parte assessment order for levy of penalty---Effect---Assessing Officer was under legal obligation to show his intention regarding invocation of provisions of S.18 of the Wealth Tax Act, 1963 in the body of ex parte assessment order framed under S.16(5) of the Wealth Tax Act, 1963 but he failed to do so, which was contrary to settled rationale. 1989 PTD 1221 rel. (c) Wealth Tax Act (XV of 1963)--- ----S. 18(1)(ii)---Penalty for concealment---Levy of penalty exceeding the amount of tax payable---Validity---Ex parte assessment under S.16(5) of the Wealth Tax Act, 1963 was finalized by the Assistant Commissioner determining the tax payable by the assessee at Rs.68,932 Rs.51,873, Rs.70206, Rs.79036 and Rs.1, ].1,232 for the assessment years 1993-94, 1994-95, 1995-96, 1997-98 and 1998-99 respectively---Subsequently, Special Officer initiated penalty proceedings against the assessee by resorting to provisions of S.18(1)(iii) of the Wealth Tax Act, 1963 and imposed penalty at Rs.2,30,500 Rs.2,80,266, Rs.2,56,025, Rs.202,450 and Rs. 1,81,100 for the said assessment years respectively, which was clear-cut violation of S.18(1)(ii) of the Wealth Tax Act, 1963. (d) Wealth Tax Act (XV of 1963)--- ----S. 18(1)(ii)-Penalty for concealment---Penalty order without mentioning date---Validity---Penalty order passed without mentioning date therein, made the action of Special Officer (who was not competent to pass such penalty order) to be legally infirm. (e) Wealth Tax Act (XV of 1963)---…

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