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of <h1>Tribunal Upholds Penalty Deletion Decision</h1> <h3>Commissioner Of Wealth-Tax, Patiala I Versus Tej Pal Oswal</h3> Commissioner Of Wealth-Tax, Patiala I Versus Tej Pal Oswal - [1978] 112 ITR 429 The High Court of Punjab and Haryana dismissed the Commissioner of Wealth-tax's application seeking a mandamus to direct the Tribunal to state a case. The Tribunal found a bona fide difference of opinion between the assessee and the Income-tax Officer regarding the valuation of shares, leading to the deletion of the penalty of Rs. 27,734 imposed on the assessee under section 18(1)(c) of the Wealth-tax Act, 1957. The Tribunal's decision was upheld, and the application was rejected.
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