1987 (7) TMI 15 - HC - Wealth-tax

Summary

The High Court of Andhra Pradesh ruled in favor of the assessee, stating that penalty under section 18(1)(a) should be computed after deducting the total wealth assessed under section 16 from the total wealth assessed under section 17 of the Wealth-tax Act. The Tribunal's decision was upheld as it was not contrary to law.