COMMISSIONER OF WEALTH TAX Vs. GOLECHA S K

JUDGEMENT

(1.) BOTH these reference cases arise out of the applications submitted by the CWT, Jaipur Circle, Jaipur, under s. 27(3) of the WT Act, 1957 (hereinafter referred to as "the Act"), for directing the Tribunal, Jaipur Bench, Jaipur, to state the case and refer the questions of law arising out of its order dt. 19th Sept., 1978, in WT Appeals Nos. 36 and 37/JP/1974-75 relating to the asst. yrs. 1967-68 and 1968-69.

(2.) THE non-petitioner assessee filed his WT return relating to the asst. yr. 1967-68 on 31st March, 1969, declaring a net wealth of Rs. 1,00,000. Subsequently, on 23rd June, 1971, he filed a revised return declaring net wealth of Rs. 1,87,359. By order dt. 30th June, 1971, the WTO completed the assessment on a net wealth of Rs. 2,45,417, but subsequently the said assessment order was rectified by the WTO under s. 35 of the Act and the net wealth of the assessee for the said year was computed at Rs. 1,97,716. After completing the assessment, the WTO initiated penalty proceedings against the assessee under s. 18(1)(c) of the Act, but since the penalty leviable exceeded the pecuniary jurisdiction of the WTO, he referred the matter to the IAC and the IAC by order dt. 25th March, 1974, imposed a penalty of Rs. 97,800 under s. 18(1)(c) of the Act.

(3.) IN WT Ref. Case No. 104 of 1980, the questions are the same except that the assessment year in question is 1968-69, and the amount of penalty in question No. 2 is Rs. 3,30,000 instead of Rs. 97,800.