1988 (6) TMI 10

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....his case. The reference in this case is made under sub-section (1) of section 27 of the Wealth-tax Act, 1957. The following question is referred : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the calculation of penalty up to March 31, 1969 was to be made under section 18(1)(i) of the Wealth-tax Act, 1957, as it originally stood from April 1, ....

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....6, Rs. 5,448, Rs. 5,170, Rs. 3,484 and Rs. 10,175, respectively. The penalty amounts were ascertained at the rate of 2 % per month of the tax payable for the former period and for the latter period after April 1, 1969, at the rate of 1/2% of the total wealth in the cases. The Appellate Assistant Commissioner, Dibrugarh, on appeal, imposed the rate of penalty of 2% monthly of the total wealth-tax ....

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..../2 on the total net wealth for the period beyond April 1, 1969. The question now is referred under section 27(1) of the Wealth-tax Act, 1957, for our opinion. Section 18(1)(i) of the Wealth-tax Act, 1957, was amended by the Wealth-tax (Amendment) Act, 1964, and therefter is substituted by section 24 of the Finance Act, 1969. In Jain Bros. v. Union of India [1970] 77 ITR 107, the Supreme Court h....