1987 (6) TMI 70 - AT - Wealth-tax

Summary

The appeal by the Revenue against the cancellation of penalty under s. 18(1)(a) of the WT Act for the asst. yr. 1971-72 was dismissed by the ITAT Amritsar. The penalty order was cancelled by the ld. AAC citing invalid assessment as tax payable was not calculated in the assessment order, following a decision of the J&K High Court. The ITAT upheld the AAC's decision, stating that a valid assessment is necessary for penalty imposition. The appeal of the Revenue was therefore dismissed.