1976 (12) TMI 25 - HC - Wealth-tax

Summary

The High Court of Punjab and Haryana dismissed the Commissioner of Wealth-tax's application seeking a mandamus to direct the Tribunal to state a case. The Tribunal found a bona fide difference of opinion between the assessee and the Income-tax Officer regarding the valuation of shares, leading to the deletion of the penalty of Rs. 27,734 imposed on the assessee under section 18(1)(c) of the Wealth-tax Act, 1957. The Tribunal's decision was upheld, and the application was rejected.