https://www.taxtmi.com/caselaws?id=5850 The Supreme Court upheld the High Court's decision that the failure to file wealth-tax returns is not a continuing offense. Penalties must be calculated based on the law in force on the last day the return was due, without retrospective application of subsequent amendments. The penalties imposed for the assessment years 1964-65 and 1965-66 were justified under the provisions of section 18 before the amendments by the Finance Act, 1969. The appeals were dismissed, affirming the High Court's ruling in favor of the assessee. en-us Tue, 07 Apr 1981 00:00:00 +0530 Fri, 28 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5850 The Supreme Court upheld the High Court's decision that the failure to file wealth-tax returns is not a continuing offense. Penalties must be calculated based on the law in force on the last day the return was due, without retrospective application of subsequent amendments. The penalties imposed for the assessment years 1964-65 and 1965-66 were justified under the provisions of section 18 before the amendments by the Finance Act, 1969. The appeals were dismissed, affirming the High Court's ruling in favor of the assessee. Case-Laws Wealth-tax Tue, 07 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5850