https://www.taxtmi.com/caselaws?id=26474 The court upheld a penalty for a 13-month delay in filing a return for the assessment year 1968-69 under section 18(1)(a) of the Wealth-tax Act, 1957. The court rejected the initial 15-month penalty calculation and aligned the penalty computation with the rules prevailing at the time of default. The decision emphasized calculating penalties at different rates for each month of default, based on the law in force during that period. Ultimately, the court ruled in favor of the Revenue, settling the dispute on penalty calculation for the delayed return filing. en-us Fri, 11 Apr 1986 00:00:00 +0530 Fri, 05 Feb 2010 12:42:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26474 The court upheld a penalty for a 13-month delay in filing a return for the assessment year 1968-69 under section 18(1)(a) of the Wealth-tax Act, 1957. The court rejected the initial 15-month penalty calculation and aligned the penalty computation with the rules prevailing at the time of default. The decision emphasized calculating penalties at different rates for each month of default, based on the law in force during that period. Ultimately, the court ruled in favor of the Revenue, settling the dispute on penalty calculation for the delayed return filing. Case-Laws Wealth-tax Fri, 11 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26474