Penalties under Wealth-tax Act apply pre and post April 1, 1969, as per High Court ruling.

The High Court of Bombay held that penalties could be imposed on the assessee under the unamended section 18(1)(a) of the Wealth-tax Act, 1957 for the period before April 1, 1969, and under the amended section 18(1)(a) for the period after that date, in line with past court rulings.

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The High Court of Bombay ruled that penalty can be imposed on the assessee under the unamended section 18(1)(a) of the Wealth-tax Act, 1957 for the period before April 1, 1969, and under the amended section 18(1)(a) for the period after that date. The judgment followed previous court decisions.

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