https://www.taxtmi.com/caselaws?id=25740 The court held that the date of the decision to initiate penalty proceedings governs the relevant law applicable for quantifying the penalty under Section 18 of the Wealth-tax Act, 1957, affirming in favor of the Revenue. Additionally, the court ruled that the Appellate Assistant Commissioner is not competent to consider the merits of the case in appeals against rectification orders when the original penalty was accepted by the assessee, also in favor of the Revenue. en-us Mon, 27 Apr 1987 00:00:00 +0530 Sat, 30 Jan 2010 15:50:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25740 The court held that the date of the decision to initiate penalty proceedings governs the relevant law applicable for quantifying the penalty under Section 18 of the Wealth-tax Act, 1957, affirming in favor of the Revenue. Additionally, the court ruled that the Appellate Assistant Commissioner is not competent to consider the merits of the case in appeals against rectification orders when the original penalty was accepted by the assessee, also in favor of the Revenue. Case-Laws Wealth-tax Mon, 27 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25740