9911796707
TMI Blog1997 (1) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of the assessment years 1970-71, 1971-72, 1972-73, 1973-74, 1974-75 and 1975-76. When Parliament amended the Act and incorporated section 18B by the Taxation Laws (Amendment Act, 1975), i.e., Act 41 of 1975, the appellants in these cases submitted wealth-tax returns and made a request for full waiver of the penalty as envisaged in the new provision. The Commissioner of Wealth-tax ("the Commissioner" for short) found that as the appellants have complied with the conditions stipulated in section 18B of the Act they are entitled to the benefit of the new provision. However, keeping in view the facts and circumstances of the case, the Commissioner, instead of granting waiver of the full penalty, had only reduced it to 5 per cent. for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pectively in the three clauses set out therein. Section 18B confers power on the Commissioner to reduce or waive such penalty in certain contingencies, if he is satisfied that such person has made full and true disclosure of his net wealth and has also co-operated in any enquiry relating to the assessment of his net wealth and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order passed under the Act. If the conditions stipulated in the section are satisfied the Commissioner has a discretion in the matter. In exercise of that discretion, the Commissioner can either reduce the amount of the penalty or he may even waive the entire penalty. It is for the Commissioner to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Commissioner can in a case where conditions are not satisfied, reduce the penalty amount. When conditions are not satisfied, the Commissioner cannot do either. Only when the said conditions are satisfied that the occasion arises for the Commissioner to exercise his discretion not before. Learned counsel has cited the following decisions of the various High Courts in support of the contention that waiver in full has to be ordered when all the required conditions have been complied with Shakuntla Mehra v. CWT [1976] 102 ITR 301 of the Delhi High Court Shankara Apaya Swami v. WTO [1976] 103 ITR 649, of the Karnataka High Court; B. Anjanappa v. CWT [1980] 124 ITR 433 of the Karnataka High Court ; Rasiklal Ranchhodbhai Patel v. CWT [1980] ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
