2013 (9) TMI 148

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....he Act. We have heard counsel for the respondent. Counsel for the respondent submits that the impugned order is legal and valid and does not suffer from any error of jurisdiction or of law. The Commissioner has rightly recorded that the facts on record do not indicate full and true disclosure. The writ petition may, therefore, be dismissed. The question that arises for adjudication is: "Whether the Commissioner of Wealth Tax has exercised jurisdiction in accordance with parameters set out in Section 18B of the Wealth Tax Act, 1957?" Section 18B of the Act reads as follows: "18B (Power to reduce or waive penalty in certain cases. (1) Notwithstanding anything contained in this Act, the Commissioner] may, in his discretion, whether on his....

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....he relevant assessment years, exceeds five hundred thousand rupees, no order reducing or waiving the penalty under sub-section (1) shall be made by [the Commissioner except with the previous approval of the Chief Commissioner or Director General, as the case may be]. (3) Where an order has been made under sub-section (1) in favour of any person, whether such order relates to one or more assessment years, he shall not be entitled to any relief under this section in relation to any other assessment year at any time after the making of such order : (Provided that where an order has been made in favour of any person under sub-section (1) on or before the 24th day of July, 1991, such person shall be entitled to further relief only once in rela....