2004 (3) TMI 60

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....e for the applicant/assessee. Since the issue involved is same, it is disposed of by a common order. The assessee has filed applications for a stay of the penalty proceedings under section 18(1)(c) of the Wealth-tax Act, 1957 (hereinafter referred to as "the said Act"), for the assessment years 1990-91, 1991-92 and 1992-93 initiated by the Assessing Officer and communicated to the assessee b....

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....CBDT and Revenue [1998] 231 ITR 745 and J.K. Synthetics Ltd. v. CTO [1994] 94 STC 422 (SC); [1994] 4 SCC 276. We are of the view that the submissions of the learned advocate for the applicant are not tenable as the penalty proceedings initiated are distinct and separate from the regular proceedings under the said Act. Separate procedure for penalty has been laid down under the said Act. The app....