1996 (12) TMI 5

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... : These appeals are directed against the order of the Andhra Pradesh High Court answering the reference made under section 27(1) of the Wealth-tax Act, 1957, at the instance of the Revenue, in favour of the assessee and against the Revenue. The question referred was : " Whether, on the facts and in the circumstances of the case, the penalty to be levied for the assessment years 1962-63, 1963 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t and the Wealth-tax Act are similar and the question considered therein was also similar to the one arising herein. Indeed, it overruled the decision in Suresh Seth [1981] 129 ITR 328 (SC), which fully supports the assessee's contention. Sri Harish Salve, learned counsel for the respondent-assessee, while not disputing that the said decision concludes the issue against the assessee, submitted t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ision in Maya Rani Punj [1986] 157 ITR 330 (SC). Following the said decision, the appeals are allowed. The judgment and order of the High Court is set aside and the question aforementioned is answered in the negative, i.e., in favour of the Revenue and against the assessee. There shall be no order as to costs. Civil Appeals Nos. 187-190 of 1980 : These appeals have been directed to be tag .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X