1996 (12) TMI 43

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..... ve assessment years 1983-84 to 1985-86, the Commissioner in view of section 273A of the Income-tax Act, 1961, and section 18B of the Wealth-tax Act, 1957, analogous to section 273A of the Income-tax Act, held that the returns for the assessment years 1983-84, 1984-85 and 1985-86 were furnished before the notices under sections 139(2) and 148 of the Income-tax Act and analogous notices under the We .....

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..... visions of the Wealth-tax Act, the entire penalty and interest should have been waived. Upon a perusal of the impugned order passed both under the Income-tax Act and the Wealth-tax Act by the Commissioner, it clearly appears that he has not recorded any reasons to restrict the relief to the extent of 50 per cent. In a similar situation, in Naresh Kumar Gupta v. CIT [1983] 144 ITR 556, this court .....

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