1986 (7) TMI 155 - AT - Wealth-tax

Summary

The assessee sought rectification in the Tribunal's order regarding penalty proceedings under the WT Act for asst. yrs. 1971-72 & 1972-73. The Tribunal initially disagreed with the AAC's finding but later rectified the order based on the Hon'ble Supreme Court's decision in the case of Mayarani Punj, directing re-computation of penalties from 1st Jan., 1974. The Department's appeals were dismissed.