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2005 (2) TMI 39 - PUNJAB AND HARYANA HIGH COURT"Whether penalty for failure to furnish the wealth-tax return within time for the assessment year 1979-80 was imposable on the assessee under section 18(1)(a) of the Wealth-tax Act, 1957?" – As per circular No. 281/8/86-I.T. (INV. III) dated February 14, 1986, immunity against the levy of penalty is available only if the assessee had voluntarily and in good faith made disclosure of net wealth between November 15, 1985 and March 31, 1986. In the present case, notices had been issued under sections 17(1) and 16(4) of the Act much before the filing of return. Therefore, the assessee cannot claim immunity from levy of penalty by relying on circular dated February 14, 1986. - reference made by the Tribunal is answered in the affirmative, i.e., in favour of the Revenue
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