1976 (12) TMI 25

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....ces of the case, the Income-tax Appellate Tribunal was right in law in view of the mandatory provisions of Explanation 1 to section 18(1)(c) of the Wealth-tax Act, 1957, in deleting the penalty of Rs. 27,734 levied upon the assessee ? O. CHINNAPPA REDDY J.--The petitioner submitted wealth-tax return for the assessment year 1968-69, declaring net wealth of Rs. 1,01,802. This included a sum of Rs....

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....mus from this court to direct the Tribunal to state a case. We do not think it is necessary to direct the Tribunal to state a case on thee facts and in the circumstances of his case. The clear finding of the Tribunal is that there was a bona fide difference of opinion. It is true that under section the burden is on the assessee but that, the Tribunal said had been discharged by the assesee in the ....