1982 (3) TMI 151

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....ement with the CIT on 24th Mar,1975 and in terms of settlement, inter alia, an amount or Rs. 85,919 was surrendered for being taxed under the IT Act for the asst. yr. 1967-68. The said amount was permitted to be capitalised and accordingly an entry was made in the books of account on 24th Mar, 1975. The settlement petition was with regard to the assessment of income as well as its inclusion in the wealth tax for the relevant assessment years upto the asst. yr. 1971-72. There was no settlement for the asst yrs. 1973-74 to 1975-76 under consideration. Wealth of Rs. 85,919 was not disclosed by the assessee in the return of net wealth for these three assessment years. The WTO sought to include the asset of Rs. 85,919 in the net wealth of the as....

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....matter taking into considerations the provisions of the wealth-tax Act as to whether the liability was admissible or not in computing the net wealth of the assessee. It upheld the order of the CIT(A) sustaining the penalties imposed by the WTO. The assessee subsequently moved a miscellaneous application stating that the orders of the Tribunal in quantum appeals as well as various other orders of the Tribunal on the issue were not considered by the Tribunal and, therefore, prayed that the Tribunal should rectify its earlier order by considering the orders in quantum appeals etc., Copies of the orders in quantum appeals were filed at the time of hearing of the miscellaneous application. The Miscellaneous applications was opposed by the Revenu....