https://www.taxtmi.com/circulars?id=9422 Penalty is governed by the law in force on the date the wrongful act or default occurs: concealment penalties are judged by the law on the date the return with concealment is filed; delayed filing constitutes a single default on the last date allowed, with monthly multipliers used only to compute quantum. The rule applies to income-tax, wealth-tax and gift-tax penalties; prior contrary clarification is withdrawn and related appeals/references may be withdrawn. en-us Sat, 03 Oct 1981 00:00:00 +0530 Sat, 04 Jun 2011 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9422 Penalty is governed by the law in force on the date the wrongful act or default occurs: concealment penalties are judged by the law on the date the return with concealment is filed; delayed filing constitutes a single default on the last date allowed, with monthly multipliers used only to compute quantum. The rule applies to income-tax, wealth-tax and gift-tax penalties; prior contrary clarification is withdrawn and related appeals/references may be withdrawn. Circulars Income Tax Sat, 03 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9422