https://www.taxtmi.com/caselaws?id=24971 The High Court ruled in favor of the assessee, holding that the Inspecting Assistant Commissioner lacked jurisdiction to levy penalties under section 18(1)(c) of the Wealth-tax Act for the assessment years 1969-70 and 1970-71. The Tribunal's decision to cancel the penalties was upheld based on the amendment to the Wealth-tax Act effective from April 1, 1976, which restricted the Inspecting Assistant Commissioner's authority to impose penalties on references made after that date. Consequently, the penalties imposed by the Inspecting Assistant Commissioner were deemed invalid, and no costs were awarded in the case. en-us Mon, 07 Sep 1987 00:00:00 +0530 Sat, 23 Jan 2010 14:21:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24971 The High Court ruled in favor of the assessee, holding that the Inspecting Assistant Commissioner lacked jurisdiction to levy penalties under section 18(1)(c) of the Wealth-tax Act for the assessment years 1969-70 and 1970-71. The Tribunal's decision to cancel the penalties was upheld based on the amendment to the Wealth-tax Act effective from April 1, 1976, which restricted the Inspecting Assistant Commissioner's authority to impose penalties on references made after that date. Consequently, the penalties imposed by the Inspecting Assistant Commissioner were deemed invalid, and no costs were awarded in the case. Case-Laws Income Tax Mon, 07 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24971