https://www.taxtmi.com/caselaws?id=58282 The Tribunal dismissed the Department's appeals and upheld the cancellation of penalties imposed under section 18(1)(c) of the Wealth-tax Act, 1957 for the assessment years 1968-69 to 1973-74. The penalties were canceled due to lack of jurisdiction as they exceeded twenty-five thousand rupees and were imposed without the necessary approval of the Inspecting Assistant Commissioner as required by section 18(3) of the Act. The Tribunal emphasized that penalties must comply with the law applicable at the time of filing the original returns and concluded that the penalties were without jurisdiction, affirming the cancellation decision. en-us Fri, 10 Apr 1987 00:00:00 +0530 Sat, 18 Dec 2010 12:52:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58282 The Tribunal dismissed the Department's appeals and upheld the cancellation of penalties imposed under section 18(1)(c) of the Wealth-tax Act, 1957 for the assessment years 1968-69 to 1973-74. The penalties were canceled due to lack of jurisdiction as they exceeded twenty-five thousand rupees and were imposed without the necessary approval of the Inspecting Assistant Commissioner as required by section 18(3) of the Act. The Tribunal emphasized that penalties must comply with the law applicable at the time of filing the original returns and concluded that the penalties were without jurisdiction, affirming the cancellation decision. Case-Laws Wealth-tax Fri, 10 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58282