https://www.taxtmi.com/caselaws?id=26567 The Supreme Court upheld the Tribunal's decision, which set aside the Commissioner of Wealth-tax's order directing fresh assessment proceedings with penalty considerations. The Court ruled in favor of the assessee, stating that the Commissioner lacked authority under section 25(2) to declare an assessment order erroneous solely for not initiating penalty proceedings. The judgment aligned with previous High Court decisions, and each party was directed to bear their own costs for the proceedings. en-us Wed, 12 Mar 1986 00:00:00 +0530 Sat, 06 Feb 2010 11:00:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26567 The Supreme Court upheld the Tribunal's decision, which set aside the Commissioner of Wealth-tax's order directing fresh assessment proceedings with penalty considerations. The Court ruled in favor of the assessee, stating that the Commissioner lacked authority under section 25(2) to declare an assessment order erroneous solely for not initiating penalty proceedings. The judgment aligned with previous High Court decisions, and each party was directed to bear their own costs for the proceedings. Case-Laws Wealth-tax Wed, 12 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26567