Law: Wealth Tax Act, (XV of 1963)

Section: 18,17,27

Wealth Tax Act (XV of 1963)----Ss. 18, 17 & 27---Imposition of penalty under S. 18, Wealth Tax Act, 1963---Special fact noted in the case by the Tribunal was that as against total wealth tax demand of Rs. 1,24,281 for all the years together penalty of Rs.291,245 had been imposed---Tribunal, therefore, observed that it was in the fairness of things to restrict the penalty to the tax demand each year---Discretion vested in the Tribunal had been exercised in favour of the assessee based on facts and circumstances of the case---No question of law had arisen from the impugned order of the Tribunal nor any such question of law had been identified in the grounds of appeal or, urged at the bar---Appeal being without any merit was dismissed-by the High Court. ORDER This appeal under section 27 of the Wealth Tax Act, 1963 filed by the assessee is directed against the order of the ITAT whereby penalty imposed under section 18 of the Wealth Tax was partially reduced. 2. Brief facts leading to the filing of this appeal are that the appellant-assessee failed to file Wealth Tax Returns for the year under consideration. Notice under section 17 of the Act ibid was issued. In compliance whereof Wealth Tax Returns were submitted whereupon the assessment proceedings were completed and the Assessing Officer also imposed a penalty under section 18(2) of the Act ibid. The appellant­ assessee filed an appeal before the CIT(Appeals), who was pleased to maintain the order of the Assessing…

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