1988 (2) TMI 60

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....P-7, the first respondent, the Commissioner of Wealth-tax, in exercise of his discretion under sub-section (2A) of section 18 of the Wealth-tax Act, 1957, as it then stood, waived the penalty levied under section 18(1)(a) in respect of the assessment year 1972-73, but only reduced the penalty in respect of the assessment years 1973-74 and 1974-75. In respect of the last two years, the reduction wa....

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....8 postulates that in cases where the Commissioner is satisfied that the assessee has made full disclosure of his wealth voluntarily and in good faith, he should, in his discretion either reduce or waive the amount of minimum penalty. In the present case, the Commissioner waived it in one case, but only reduced it in the other two cases, although in all the three cases, the disclosure was admittedl....