2014 (1) TMI 461

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....for assessment years, 1977 to 1985. The returns were filed collectively and voluntarily on 18.11.1985, without any notice from the Department. The Assessing Officer passed orders dated 30.5.1986 imposing penalty. The petitioner accepted the assessment but filed an application under Section 18-B of the 1957 Act, praying that the penalty may be reduced or waived. The Commissioner of Wealth Tax, Patiala has rejected the application by taking into consideration grounds considered by the Assessing Officer while imposing penalty and without considering factors set out for exercise of jurisdiction of Section 18-B of the 1957 Act. It is further submitted that a perusal of the impugned order would reveal that no reason, much less any reason referabl....

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....e (ii), has, prior to the detection by the 6 [AssessingOfficer], of the concealment of particulars of assets or of the inaccuracy ofparticulars furnished in respect of any asset or debt in respect of which thepenalty is imposable, voluntarily and in good faith made full and truedisclosure of such particulars, and also has co-operated in any inquiry relating to the assessment ofhis net wealth and has either paid ormade satisfactory arrangements for the payment of any tax or interest payable inconsequence of an order passed under this Act in respect of the relevant assessment year. Explanation7 [l].-For the purposes of this sub-section, a person, shall be deemed to have made full and true disclosure ofthe particulars of hisassets or debts in ....

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....on himby any other provision of this Act, the 11 [12 [*****]Commissioner] may, on an application made in this behalf by an assessee, andafter recording his reasons for so doing, reduce or waive the amount of any penalty payable by the assessee under this Act or stay or compound any proceeding for the recovery of any such amount, if he is satisfied that- (i) to do otherwise would cause genuine hardship to the assessee, having regard tothe circumstances of the case, and (ii) the assessee has co-operated in any inquiry relating to the assessment or anyproceeding for the recovery of any amount due from him. (5) Every order made under this section shall be final and shall not be called into question by any court or any other authority.] 13 [(....