COMMISSIONER OF INCOME TAX Vs. P.N. TULI

JUDGEMENT

(1.) ON the applications filed by CWT, Haryana, under s. 27(1) of the WT Act, 1957 (for short, 'the 1957 Act'), the Income - tax Appellate Tribunal, Delhi Bench 'B', New Delhi (for short, 'the Tribunal'), has referred the question of law in the following terms : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that wealth -tax (assessments for) asst. yrs. 1967 -68, 1968 -69, 1970 -71 and 1971 -72 were barred by time and in further holding that no penalties could be levied on the basis of such assessments -

(2.) IN case the answer to the aforesaid question is in the negative, the following further question would arise : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that in case penalty is leviable on the assessee, the same should be calculated only at 2 per cent p.m. of the tax assessed and not at different rates for different periods of default -

(3.) WHILE finalising the assessments under the 1957 Act for the asst. yrs. 1967 -68, 1968 -69, 1970 -71 and 1971 -72, the WTO levied penalties on the assessee under s. 18(1)(a) of the 1957 Act on account of delayed filing of returns. The particulars of the returns filed by the assessee and the penalties levied by the WTO are as under :