https://www.taxtmi.com/caselaws?id=26042 The High Court held that penalty provisions under the Wealth-tax Act for the assessment year 1967-68 should be determined based on the law in force at the time of the wrongful act, which in this case was the date of filing the return on July 24, 1968. The Tribunal erred in applying the amended law effective from April 1, 1968, instead of the law prevailing at the time of the wrongful act. Consequently, the High Court ruled in favor of the Revenue, overturning the Tribunal's decision on penalty imposition. en-us Thu, 02 May 1985 00:00:00 +0530 Tue, 02 Feb 2010 13:57:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26042 The High Court held that penalty provisions under the Wealth-tax Act for the assessment year 1967-68 should be determined based on the law in force at the time of the wrongful act, which in this case was the date of filing the return on July 24, 1968. The Tribunal erred in applying the amended law effective from April 1, 1968, instead of the law prevailing at the time of the wrongful act. Consequently, the High Court ruled in favor of the Revenue, overturning the Tribunal's decision on penalty imposition. Case-Laws Wealth-tax Thu, 02 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26042