1987 (7) TMI 15

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....n referred for our opinion under section 27(1) of the Wealth-tax Act, 1957, is : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the penalty under section 18(1)(a) should be computed after deducting the total wealth assessed under section 16 from the total wealth assessed under section 17 of the Act ?" The relevant facts are t....

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....ection 18(1)(a) upon the total wealth so assessed by him by his order, dated March 31, 1973. This was challenged by the assessee in appeal before the Appellate Assistant Commissioner, but without success. On further appeal, however, the Tribunal agreed with the assessee and held that penalty should be levied upon the total wealth assessed as per the order, dated March 31, 1973, as reduced by the w....