2002 (2) TMI 70

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....AR J.-The question referred to us is as follows: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in directing the Assessing Officer to recompute the penalty under section 18(1)(a) of the Wealth-tax Act, 1957?" The assessee is an individual and the concerned assessment year is 1984-85. Though the return under the Wealth-tax Act w....

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....als) had upheld the levy of penalty and the remittance only for the quantum in pursuance of the fresh assessment framed. We were taken through the order of the Tribunal, wherein the Tribunal has categorically held that while dealing with the quantum appeal relating to the assessment year 1984-85, the Tribunal in its order dated May 18, 1990, had observed that the unquoted equity shares held by ....