1981 (3) TMI 33

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..... he case, the IAC had jurisdiction to impose penalty u/s. 18(1)(c) on March 24, 1977, after the amendment of section 18(3) of the Wealth-tax Act by the Taxation Laws (Amendment) Act, 1975? and 2. Whether, on the facts and circumstances of the case, once the IAC had imposed composite penalties for concealment detected by the WTO and enhanced by the AAC in the value of shares and jewellery on estim .....

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..... the Tribunal holding that the IAC had the necessary jurisdiction. On similar facts in Indrasen Bhoot v. CWT (M.C.C. No. 116 of 1979) [1982] 138 ITR 758 (MP), vide order dated July 11, 1980, this court held that the date on which the WTO referred the case to the IAC for imposition of penalty was material for answering the question of jurisdiction. Counsel agree that in this case also it is neces .....

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