2002 (2) TMI 70 - HC - Income Tax

Summary

The High Court of Madras upheld the Income-tax Appellate Tribunal's decision to direct the Assessing Officer to recompute the penalty under section 18(1)(a) of the Wealth-tax Act, 1957 for the assessment year 1984-85. The Tribunal had ordered a recalculation of penalty based on a fresh assessment of the assessee's net wealth, following directions to value unquoted equity shares on a yield method. The High Court ruled in favor of the assessee, affirming the Tribunal's decision.