https://www.taxtmi.com/caselaws?id=26344 The High Court, following the Supreme Court's decision in Maya Rani Punj's case, held that penalties should be imposed according to the amended provisions effective from April 1, 1969. The Tribunal's initial decision that penalties could not exceed 50% of the tax was overruled. The outcome favored the Revenue, with the question answered in the negative against the assessee. Each party was left to bear their own costs. en-us Mon, 21 Jul 1986 00:00:00 +0530 Thu, 04 Feb 2010 13:08:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26344 The High Court, following the Supreme Court's decision in Maya Rani Punj's case, held that penalties should be imposed according to the amended provisions effective from April 1, 1969. The Tribunal's initial decision that penalties could not exceed 50% of the tax was overruled. The outcome favored the Revenue, with the question answered in the negative against the assessee. Each party was left to bear their own costs. Case-Laws Wealth-tax Mon, 21 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26344