https://www.taxtmi.com/caselaws?id=69108 The Tribunal allowed the appeal, canceling the penalty imposed under section 18(1)(b) of the Wealth-tax Act, 1957, due to the inapplicability of penalty computation provisions at the time of default in 1978. The Tribunal emphasized the necessity of compliance with statutory obligations, stating that even in protective assessments, all obligations must be fulfilled, and non-compliance cannot be excused. The judgment underscored the importance of considering the relevant provisions in penalty imposition cases, ultimately ruling the penalty invalid based on the law as it stood in 1974-75, with different computation provisions in place at the time of default. en-us Thu, 09 Jan 1986 00:00:00 +0530 Tue, 05 Apr 2011 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69108 The Tribunal allowed the appeal, canceling the penalty imposed under section 18(1)(b) of the Wealth-tax Act, 1957, due to the inapplicability of penalty computation provisions at the time of default in 1978. The Tribunal emphasized the necessity of compliance with statutory obligations, stating that even in protective assessments, all obligations must be fulfilled, and non-compliance cannot be excused. The judgment underscored the importance of considering the relevant provisions in penalty imposition cases, ultimately ruling the penalty invalid based on the law as it stood in 1974-75, with different computation provisions in place at the time of default. Case-Laws Wealth-tax Thu, 09 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69108