(1.) IN all these five cases for five different assessment years, the Tribunal was directed to state a case and make a reference under Section 27(1) of the Wealth-tax Act, 1957 (for short, "the Act "), on the following question of law framed by this court :
(2.) PENALTY proceedings were started for the assessment years 1968-69 to 1972-73 by the Wealth-tax Officer under Section 18(1)(c) of the Act and the matter was referred to the Inspecting Assistant Commissioner under Section 18(3) who, in his turn, imposed penalties to the tune of Rs. 1,10,000 for each of the five assessment years.