https://www.taxtmi.com/caselaws?id=69692 Penalty under section 18(1)(a) of the Wealth-tax Act was governed by the law in force on the date of default, not by a later amendment enhancing the rate. The provision was treated as analogous to the corresponding Gift-tax Act provision, so the amended rate could not be applied to defaults already completed before its commencement. The pending special leave petition against the supporting High Court ruling did not suspend its operation while it continued to hold the field. The penalty was therefore required to be recomputed at the rate applicable on the date of default, and the assessee succeeded on that issue. en-us Wed, 30 Mar 1977 00:00:00 +0530 Mon, 11 Apr 2011 16:09:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69692 Penalty under section 18(1)(a) of the Wealth-tax Act was governed by the law in force on the date of default, not by a later amendment enhancing the rate. The provision was treated as analogous to the corresponding Gift-tax Act provision, so the amended rate could not be applied to defaults already completed before its commencement. The pending special leave petition against the supporting High Court ruling did not suspend its operation while it continued to hold the field. The penalty was therefore required to be recomputed at the rate applicable on the date of default, and the assessee succeeded on that issue. Case-Laws Income Tax Wed, 30 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69692