1980 (7) TMI 20 - HC - Wealth-tax

Summary

The High Court of Madhya Pradesh received a reference under the Wealth Tax Act, 1957 regarding the jurisdiction of the Income-tax Appellate Tribunal to levy penalties. The Tribunal imposed penalties on the assessee for concealing income and failing to furnish income particulars. The Tribunal upheld penalties of Rs. 50,000, but questions of law were referred to the High Court for opinion. The Court directed the Tribunal to provide a supplementary statement regarding the date of penalty imposition referral for further hearing.