https://www.taxtmi.com/caselaws?id=63085 The Tribunal dismissed the Revenue's appeals and affirmed the AAC's decision to recalculate penalties based on the law in force before April 1, 1969. The Tribunal held that penalties should be computed according to the law applicable at the time of default, rejecting the Revenue's argument for increased penalty rates post-April 1, 1969. The judgment emphasized the significance of determining penalty rates based on the prevailing law at the time of default, as supported by relevant judicial precedents. en-us Sun, 21 Jan 1979 00:00:00 +0530 Thu, 27 Jan 2011 17:40:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63085 The Tribunal dismissed the Revenue's appeals and affirmed the AAC's decision to recalculate penalties based on the law in force before April 1, 1969. The Tribunal held that penalties should be computed according to the law applicable at the time of default, rejecting the Revenue's argument for increased penalty rates post-April 1, 1969. The judgment emphasized the significance of determining penalty rates based on the prevailing law at the time of default, as supported by relevant judicial precedents. Case-Laws Wealth-tax Sun, 21 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63085