COMMISSIONER OF WEALTH TAX Vs. ABDUL QAYYAM

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal (Delhi Bench "B") has, under Section 27(1) of the Wealth-tax Act, 1957, referred the following question stated to be of law and to arise out of its order dated May 10, 1979, passed in W. T. A. No. 756/(Delhi) of 1977-78 for the assessment year 1967-68 for the opinion of this court :

(2.) WE have heard Sri Rajesh Kumar Agarwal, learned counsel for the Revenue. No one appeared on behalf of the assessee.

(3.) IN the case of P.N. Banerjee [1991] 192 ITR 399 (SC), the question was about the levy of penalty under Section 18(1)(a) of the Wealth-tax Act for the assessment year 1967-68 and following Maya Rani Punj's case [1986] 157 ITR 330 (SC), it was held that the amount of penalty has to be quantified up to March 31, 1969, on the basis of the unamended Section 18 of the Wealth-tax Act and for the period thereafter, on the basis of the amended provisions. The same view was taken by this court in CWT v. Smt Brij Rani [1993] 201 ITR 307 in which dealing with the assessment years 1967-68 and 1968-69, this court held that the penalties under Section 18(1)(a)(i) of the Wealth-tax Act were to be levied for the period of delay prior to April 1, 1969, in terms of the prescribed rates with reference to the unamended Section 18 of the Act as it stood prior to its amendment by the Finance Act, 1969, and for the period of delay subsequent to April 1, 1969, at the prescribed rates in terms of law under the amended Section 18(1)(a)(i), as it stood after its amendment by the Finance Act, 1969.