WEALTH-TAX OFFICER v. K.K. KHEMKA
[Citation -1986-LL-0729-2]
| Citation | 1986-LL-0729-2 |
|---|---|
| Appellant Name | WEALTH-TAX OFFICER |
| Respondent Name | K.K. KHEMKA |
| Court | ITAT |
| Relevant Act | Wealth-tax |
| Date of Order | 29/07/1986 |
| Assessment Year | 1971-72, 1972-73 |
| Judgment | View Judgment |
| Keyword Tags | crucial date |
| Bot Summary: | The assessee took up appeals before the AAC of WT. The AAC agreed with the contention of the assessee that the WTO was not justified in levying penalties in accordance with the law prevalent on the dates on which the returns were due to be filed and that the penalty should have been levied in accordance with law prevalent on the dates of filing the returns. The Tribunal following the judgment of Hon'ble Supreme Court in the case of CWT vs. Suresh Seth 21 CTR 349: 129 ITR 328 disagreed with the finding of the AAC and held thaot penalty was leviable in accordance with the law prevalent on the dates when the returns were due to be filed. Counsel for the assessee is that the judgment in the case of Mayarani Punj was delivered by the Hon'ble Supreme Court on 11th Dec., 1985 but it could not be produced before the Tribunal on 13th Jan., 1986 when the appeals were heard by the Tribunal since it was not published. Counsel for the assessee contended that there is glaring and obvious mistake in the order of the Tribunal which needs to be rectified. According to him, the order of the Tribunal is based on the case law produced before it and such there is no error in the order. Since the order of the Tribunal in contrary to the decision of the Hon'ble Supreme Court in the case of Mayarani Punj which was already rendered though not available at the time of hearing it is obviously erroneous. The WTO is directed to re-compute the penalty for both the years under s. 18 of the WT Act by treating the period of default from 1st Jan., 1974 in accordance with the law prevalent on the dates of the assessment orders. |