https://www.taxtmi.com/caselaws?id=26345 For penalty under the Wealth-tax Act, the applicable law is the law in force on the date the return is filed, not the law prevailing on the valuation date. Applying that principle, the Tribunal's approach was incorrect and the penalty had to be computed by reference to the filing date. The analysis followed prior binding authority and the Supreme Court decision relied upon, confirming that delay in filing does not shift the governing legal position to the valuation date. en-us Mon, 21 Jul 1986 00:00:00 +0530 Thu, 04 Feb 2010 13:10:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26345 For penalty under the Wealth-tax Act, the applicable law is the law in force on the date the return is filed, not the law prevailing on the valuation date. Applying that principle, the Tribunal's approach was incorrect and the penalty had to be computed by reference to the filing date. The analysis followed prior binding authority and the Supreme Court decision relied upon, confirming that delay in filing does not shift the governing legal position to the valuation date. Case-Laws Wealth-tax Mon, 21 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26345