2002 (2) TMI 70

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..... mstances of the case, the Income-tax Appellate Tribunal was right in law in directing the Assessing Officer to recompute the penalty under section 18(1)(a) of the Wealth-tax Act, 1957?" The assessee is an individual and the concerned assessment year is 1984-85. Though the return under the Wealth-tax Act was due to be filed on June 30, 1984, the same was filed on March 24, 1986. Hence, action was .....

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..... the fresh assessment framed. We were taken through the order of the Tribunal, wherein the Tribunal has categorically held that while dealing with the quantum appeal relating to the assessment year 1984-85, the Tribunal in its order dated May 18, 1990, had observed that the unquoted equity shares held by the assessee should be valued on yield method and not under rule 1D and restored the matter t .....

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..... ar that the penalty would have to be recalculated in the light of the fresh assessment by the Assessing Officer. In that view, it will have to be held that the Appellate Tribunal was right in law in directing the recalculation of the penalty under section 18(1)(a) of the Wealth-tax Act, 1957. The reference is therefore answered accordingly in favour of the assessee. - - TaxTMI - TMITax - Incom .....

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