https://www.taxtmi.com/caselaws?id=24756 While computing penalty under section 18(1)(a) of the Wealth-tax Act, 1957, wealth already assessed in an earlier assessment under section 16(3) had to be deducted from the wealth assessed on reassessment under section 17. The earlier assessment had not attracted any penalty proceedings, and the later reassessment under sections 16(5) read with 17 brought to tax only escaped wealth. Penalty was therefore confined to the additional wealth assessed in reassessment, so the assessee was not penalised again on wealth already assessed. The absence of any statutory or rules-based prohibition on such deduction supported that approach, and the question was answered in favour of the assessee. en-us Mon, 27 Jul 1987 00:00:00 +0530 Fri, 22 Jan 2010 11:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24756 While computing penalty under section 18(1)(a) of the Wealth-tax Act, 1957, wealth already assessed in an earlier assessment under section 16(3) had to be deducted from the wealth assessed on reassessment under section 17. The earlier assessment had not attracted any penalty proceedings, and the later reassessment under sections 16(5) read with 17 brought to tax only escaped wealth. Penalty was therefore confined to the additional wealth assessed in reassessment, so the assessee was not penalised again on wealth already assessed. The absence of any statutory or rules-based prohibition on such deduction supported that approach, and the question was answered in favour of the assessee. Case-Laws Wealth-tax Mon, 27 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24756