1996 (12) TMI 419

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..... g 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, 1963-64 and 1964-65 should be as per the provision of Section 18(1)(a) as they stood before amendmen .....

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..... similar and the question considered therein was also similar to the one arising herein. Indeed, it overruled the decision in Suresh Seth, which fully supports the assessee's contention. 3. Sri Harish Salve, learned Counsel for the respondent-assessee, while not disputing that the said decision concludes the issue against the assessee, submitted that the decision in Maya Rani Punj requires r .....

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..... tioned 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 Appeal Nos. 187-190 of 1980: 5. These appeals have been directed to be tagged with Civil Appeal Nos. 2952-54 of 1979. No separate arguments have been addressed herein. In View of the decision in the said appeal, these appeals too are allowed and the questi .....

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