2019 (1) TMI 810

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....rise out of the common judgment of the Income Tax Appellate Tribunal. We may notice facts from Income Tax Appeal No.927 of 2016. 2. Respondent-assessee is an individual. He had filed his wealth tax return for the assessment year 2007-08. In such return the assessee had declared his total wealth of Rs. 64.65 lakhs which comprised of an immovable property with the residential bungalow situated the....

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....ty in the same or sold around the same time. In further appeal the Tribunal gave no further relief to the assessee and the wealth tax assessment thus achieved finality. On the basis of such additional valuation Wealth Tax Officer imposed penalty. The assessee carried the matter in appeal before the Commissioner who gave partial relief. Tribunal deleted the entire penalty. We may note that, the ass....

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....nity at the same time. It was under such circumstances that the Tribunal did not think it fit to confirm the penalty. We are broadly in agreement in view of the Tribunal. The Tribunal had referred to and relied upon three decisions of the High Courts to which we may refer presently.   5. In case of CWT Vs. V. Vatsala (1989) 177 ITR 120 (Mad) division bench of Madras High Court noted that the....