1996 (12) TMI 419

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.... These appeals are directed against the order of the Andhra Pradesh High Court answering the reference made under Section 27(1) of the Wealth Tax Act, 1957, at the instance of the Revenue, in favour of the assessee and against the Revenue. The question referred was: Whether on the facts and in the circumstances of the case the penalty to be levied for the assessment years 1962-63, 1963-64....

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....the Income Tax Act, the relevant provisions of the Income Tax Act and the Wealth Tax Act are similar and the question considered therein was also similar to the one arising herein. Indeed, it overruled the decision in Suresh Seth, which fully supports the assessee's contention. 3. Sri Harish Salve, learned Counsel for the respondent-assessee, while not disputing that the said decision concl....

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....are allowed. The judgement and order of the High Court is set aside and the question aforementioned is answered in the negative, i.e., in favour of the Revenue and against the assessee. There shall be no order as to costs. Civil Appeal Nos. 187-190 of 1980: 5. These appeals have been directed to be tagged with Civil Appeal Nos. 2952-54 of 1979. No separate arguments have been addressed herei....