https://www.taxtmi.com/caselaws?id=5345 Continuing default in filing a wealth-tax return attracts penalty under the law in force during the period of default, not only the law prevailing on the first day of the assessment year. Applying the settled principle from the analogous income-tax provision, the Court held that liability accrues month by month until compliance, so the penalty must be split between the pre-amendment and post-amendment periods where the default straddles a statutory change. The earlier view that the entire penalty had to be computed only under the law existing on the first day of the assessment year was rejected, and the matter was restored for quantification accordingly. en-us Thu, 12 Sep 1991 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5345 Continuing default in filing a wealth-tax return attracts penalty under the law in force during the period of default, not only the law prevailing on the first day of the assessment year. Applying the settled principle from the analogous income-tax provision, the Court held that liability accrues month by month until compliance, so the penalty must be split between the pre-amendment and post-amendment periods where the default straddles a statutory change. The earlier view that the entire penalty had to be computed only under the law existing on the first day of the assessment year was rejected, and the matter was restored for quantification accordingly. Case-Laws Wealth-tax Thu, 12 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5345