1991 (4) TMI 86

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....ssessment years 1971-72 and 1972-73. The assessee concerned is Hans Raj (Hindu undivided family). The karta of this Hindu undivided family was a partner, in his representative capacity, in a firm, Hari Chand Hans Raj, having 31 per cent. share therein. This firm owned some land. The difference between the appreciated value of this land, as assessed by the assessee and as assessed by the Revenue....

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....sequently, in deleting the penalty to the extent of Rs. 27,900 on that account, levied under section 18(1)(c) of the Act, 1957 ?" The first part of the question regarding the assessee being a Hindu undivided family and, therefore, not being treated as a partner of the firm, within the meaning of section 4(1)(b) of the Wealth-tax Act, 1957, now stands concluded by the judgment of the Supreme Cou....