1980 (7) TMI 16

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....wealthtax assessment years 1957-58 to 1964-65 by holding that the law governing these penalties will be as contained in section 18(1)(a) before its amendment by the Wealth-tax (Amendment) Act, 1964 (Act 46 of 1964) w.e.f. April 1, 1965, which required the prior approval of the Inspecting Assistant Commissioner of Wealth-tax before the Wealth-tax Officer could impose a penalty and not the provisions of section 18(1)(a) as amended by the Finance Act, 1969 ? " The material facts giving rise to this reference, as set out in the statement of the case, briefly are as follows: By an order dated December 15, 1971, the WTO imposed a penalty on the assessee for default in submitting the returns for the assessment years 1957-58 to 1964-65. The asse....

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....sessment were passed by the WTO on December 19, 1969, when notice was directed to be issued to the assessee under s. 18(1)(a) of the Act. The impugned orders imposing penalty were passed by the WTO on December 15, 1971. On December 19, 1969, when notice under s. 18(1)(a) of the Act was issued by the WTO or on December 15, 1971, when penalty was imposed, the requirement about obtaining the prior approval of the IAC before passing an order imposing penalty had been dispensed with. The short question for consideration, therefore, is whether the Tribunal was justified in holding that the order of penalty passed by the WTO was vitiated on account of failure to obtain the previous approval of the IAC before passing an order imposing the penalty. ....