https://www.taxtmi.com/caselaws?id=24523 The High Court upheld penalties imposed under the Wealth-tax Act for assessment years 1964-65 to 1968-69. The penalties were calculated based on delays in filing returns, with rates varying for different periods. The Appellate Tribunal affirmed penalties for delays up to March 31, 1969, and directed penalties to be calculated monthly up to a maximum of 50% of tax payable. The Tribunal also upheld penalties at a rate of 1/2 on total net wealth for delays beyond April 1, 1969. The High Court aligned with Supreme Court precedent and ruled in favor of the Revenue, upholding the penalties imposed on the assessee. en-us Thu, 23 Jun 1988 00:00:00 +0530 Wed, 20 Jan 2010 16:59:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24523 The High Court upheld penalties imposed under the Wealth-tax Act for assessment years 1964-65 to 1968-69. The penalties were calculated based on delays in filing returns, with rates varying for different periods. The Appellate Tribunal affirmed penalties for delays up to March 31, 1969, and directed penalties to be calculated monthly up to a maximum of 50% of tax payable. The Tribunal also upheld penalties at a rate of 1/2 on total net wealth for delays beyond April 1, 1969. The High Court aligned with Supreme Court precedent and ruled in favor of the Revenue, upholding the penalties imposed on the assessee. Case-Laws Wealth-tax Thu, 23 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24523