2005 (3) TMI 31

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....of section 18(1)(c) of the Wealth-tax Act, 1957, read with Explanation 4 to section 18(1)(c) of the Wealth-tax Act, 1957, despite the Press Note dated May 27, 1968, issued by the Ministry of Finance and Circular No. 8-WT dated November 15, 1968, issued by the Central Board of Direct Taxes?" The reference relates to the assessment years 1979-80 and 1980-81 in the proceedings arising out of penalty imposed under section 18(1)(c) of the Act. Briefly stated, the facts giving rise to the present reference are as follows: The respondent-assessee is the owner of the premises No. 171, Jajmau, Kanpur, which consists of a tannery and a residential portion. The premises were leased out to M/s. Bhopal Tannery and Glue Works at a monthly rent o....

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....sessment years in question. Feeling aggrieved, the applicant preferred an appeal before the Deputy Commissioner of Wealth-tax (Appeals) who has affirmed the penalty order. Still feeling aggrieved, the applicant preferred a further appeal. The Tribunal has partly allowed the appeal. While upholding the imposition of penalty, the Tribunal has directed to levy minimum penalty leviable under section 18(1)(c) of the Act. We have heard Sri S.D. Singh, learned standing counsel for the applicant, and Sri A.N. Mahajan, learned counsel appearing for the Revenue. Learned counsel for the applicant submitted that along with the return the applicant had submitted the report of the approved valuer and the property in question had been valued as per ....