High Court reference declined, Supreme Court grants leave to review Tribunal's decision on penalty cancellation under Wealth-tax Act

The Supreme Court granted leave in a case where the High Court's decision to decline a reference was set aside, and the case was referred back to the High Court for its opinion on the proposed questions raised by the Revenue regarding the correctness of the Tribunal's decision to cancel a penalty under section 18(1)(a) of the Wealth-tax Act for filing a return beyond the prescribed period.

---

---

The Supreme Court granted leave in a case where the Income-tax Appellate Tribunal canceled a penalty under section 18(1)(a) of the Wealth-tax Act for filing a return beyond the prescribed period. The Court directed the High Court to consider two proposed questions by the Revenue regarding the correctness of the Tribunal's decision. The High Court's decision to decline a reference was set aside, and the case was referred back to the High Court for its opinion on the proposed questions.

---