https://www.taxtmi.com/caselaws?id=29377 The High Court held that the Inspecting Assistant Commissioner (IAC) lacked jurisdiction to impose penalties under section 18(1)(c) of the Wealth-tax Act, 1957, after the amendment of section 18(3) from April 1, 1976. The Court emphasized that the IAC's authority is derived from a valid reference by the WTO, and as the references were made post-amendment, the penalties imposed were without jurisdiction. The Court did not address the validity of penalties enhanced by the AAC, ruling in favor of the assessee and directing each party to bear their own costs. en-us Fri, 12 Mar 1982 00:00:00 +0530 Fri, 12 Mar 2010 15:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29377 The High Court held that the Inspecting Assistant Commissioner (IAC) lacked jurisdiction to impose penalties under section 18(1)(c) of the Wealth-tax Act, 1957, after the amendment of section 18(3) from April 1, 1976. The Court emphasized that the IAC's authority is derived from a valid reference by the WTO, and as the references were made post-amendment, the penalties imposed were without jurisdiction. The Court did not address the validity of penalties enhanced by the AAC, ruling in favor of the assessee and directing each party to bear their own costs. Case-Laws Wealth-tax Fri, 12 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29377