1996 (12) TMI 5

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....ring the reference made under section 27(1) of the Wealth-tax Act, 1957, at the instance of the Revenue, in favour of the assessee and against the Revenue. The question referred was : " Whether, on the facts and in the circumstances of the case, the penalty to be levied for the assessment years 1962-63, 1963-64 and 1964-65 should be as per the provisions of section 18(1)(a) as they stood before a....

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.... the one arising herein. Indeed, it overruled the decision in Suresh Seth [1981] 129 ITR 328 (SC), which fully supports the assessee's contention. Sri Harish Salve, learned counsel for the respondent-assessee, while not disputing that the said decision concludes the issue against the assessee, submitted that the decision in Maya Rani Punj [1986] 157 ITR 330 (SC) requires reconsideration inasmuch ....

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....e allowed. The judgment and order of the High Court is set aside and the question aforementioned is answered in the negative, i.e., in favour of the Revenue and against the assessee. There shall be no order as to costs. Civil Appeals Nos. 187-190 of 1980 : These appeals have been directed to be tagged with Civil Appeals Nos. 2952-54 of 1979. No separate arguments have been addressed herein. In ....