https://www.taxtmi.com/caselaws?id=57191 Penalty under the Wealth-tax Act depends on a valid underlying assessment, and a challenge to the assessment's validity may be raised in penalty proceedings. The Tribunal noted that the assessment order was bound by the jurisdictional High Court's view and found no basis to ignore that authority. On that footing, the appellate cancellation of penalty was treated as justified because the assessment itself had been held invalid for failure to compute the tax payable in the body of the assessment order. The penalty was therefore considered unsustainable. en-us Fri, 05 Jun 1987 00:00:00 +0530 Wed, 08 Dec 2010 18:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57191 Penalty under the Wealth-tax Act depends on a valid underlying assessment, and a challenge to the assessment's validity may be raised in penalty proceedings. The Tribunal noted that the assessment order was bound by the jurisdictional High Court's view and found no basis to ignore that authority. On that footing, the appellate cancellation of penalty was treated as justified because the assessment itself had been held invalid for failure to compute the tax payable in the body of the assessment order. The penalty was therefore considered unsustainable. Case-Laws Wealth-tax Fri, 05 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57191