9911796707
TMI Blog2000 (7) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... case, the Tribunal is right in law in considering in the course of and for the purpose of disposing of an appeal with regard to levy of penalty for default under section 18(1)(a) of the Wealth-tax Act, 1957, a challenge to the validity, of the assessment order which was in fact final and conclusive ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the assessment, for the relevant year made in the assessee's case was invalid and non est in the eyes of law on the authority of the decision of the Jammu and Kashmir High Court in the case of S. Mubarik Shah Naqshbandi v. CIT [1977] 110 ITR 217 even though the tax payable by the assessee was duly determined in a separate sheet, namely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpliance with the requirements of section 143(3) of the Income-tax Act, 1961, if the tax payable is also computed and the computation is approved by the Income-tax Officer, either immediately or some time later. The position is the same under the Wealth-tax Act, 1957 ("the Act"). Like section 143(3) of the Income-tax Act, section 16(3) of the Act also provides that the Assessing Officer shall, by order in writing, assess the net wealth of the assessee and determine the tax payable on the basis of such assessment. As held by the Supreme Court and this court in the cases cited above, this requirement does not mean that both the calculations, that is, the calculation of the net wealth as well as of the tax payable, should be done in the bod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of law. Question No. 2 is, therefore, answered in the negative, that is, in favour of the Revenue and against the assessee. In view of the above answer to question No. 2, the other two questions have become academic. Otherwise also, the answer to these questions is obvious. The law is well settled that penalty proceedings and assessment proceedings are two separate proceedings. An appeal is provided under section 23 of the Act both against the order of assessment and the order of penalty. Any person objecting to any penalty imposed by the Assessing Officer under section 18 may appeal to the Appellate Assistant Commissioner under clause (d) of section 23(1). Separate provisions have been made in clauses (a), (b) and (c) of section 23(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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