https://www.taxtmi.com/caselaws?id=24569 The court upheld the imposition of penalties under the Wealth-tax Act, 1957, based on the amended provisions effective from April 1, 1976, even for defaults occurring prior to the amendment. The Appellate Assistant Commissioner and Tribunal applied the amended law for penalty computation, aligning with a Supreme Court judgment. The court rejected the argument that penalties should follow the law in force at the time of default, emphasizing the binding nature of the Supreme Court's interpretation. The applications were dismissed, underscoring the importance of higher court decisions in interpreting penalty provisions. en-us Mon, 11 Jul 1988 00:00:00 +0530 Thu, 21 Jan 2010 10:01:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24569 The court upheld the imposition of penalties under the Wealth-tax Act, 1957, based on the amended provisions effective from April 1, 1976, even for defaults occurring prior to the amendment. The Appellate Assistant Commissioner and Tribunal applied the amended law for penalty computation, aligning with a Supreme Court judgment. The court rejected the argument that penalties should follow the law in force at the time of default, emphasizing the binding nature of the Supreme Court's interpretation. The applications were dismissed, underscoring the importance of higher court decisions in interpreting penalty provisions. Case-Laws Wealth-tax Mon, 11 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24569