2000 (11) TMI 9 - SCH - Wealth-tax

Revenue proposed the question that Whether the Tribunal was correct in law (a) in cancelling the penalty under section 18(1)(a) of the Wealth-tax Act, 1957, even though return was filed beyond the prescribed period of limitation (b) in holding that the lack of knowledge of the provisions of law constituted a reasonable cause for filing return beyond the period prescribed - order of HC declining to call for a reference must be set aside as no any reason was assigned by the HC for the same

Summary

The Supreme Court granted leave in a case where the Income-tax Appellate Tribunal canceled a penalty under section 18(1)(a) of the Wealth-tax Act for filing a return beyond the prescribed period. The Court directed the High Court to consider two proposed questions by the Revenue regarding the correctness of the Tribunal's decision. The High Court's decision to decline a reference was set aside, and the case was referred back to the High Court for its opinion on the proposed questions.