https://www.taxtmi.com/caselaws?id=63539 The judgment in this case involved penalty proceedings under section 18(1)(c) of the Wealth Tax Act. The court ruled in favor of the assessee, stating that penalties cannot be levied due to the inapplicability of Explanation 3 to section 18(1)(c) for the relevant assessment years. The court emphasized that the penalties were based on an explanation that was not in effect during the years in question and that the time limits under section 17A did not apply to the assessee for those years. As a result, the department's appeals for recomputation of penalties were dismissed, and some appeals were allowed based on the Tribunal's detailed analysis. en-us Thu, 02 Apr 1987 00:00:00 +0530 Mon, 31 Jan 2011 15:52:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63539 The judgment in this case involved penalty proceedings under section 18(1)(c) of the Wealth Tax Act. The court ruled in favor of the assessee, stating that penalties cannot be levied due to the inapplicability of Explanation 3 to section 18(1)(c) for the relevant assessment years. The court emphasized that the penalties were based on an explanation that was not in effect during the years in question and that the time limits under section 17A did not apply to the assessee for those years. As a result, the department's appeals for recomputation of penalties were dismissed, and some appeals were allowed based on the Tribunal's detailed analysis. Case-Laws Wealth-tax Thu, 02 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63539