https://www.taxtmi.com/caselaws?id=27522 The High Court of Patna upheld the Tribunal's decision to reduce penalties imposed by the Wealth Tax Officer for multiple assessment years under the Wealth Tax Act, 1957. The Court agreed with the Tribunal's reasoning that penalties should be determined based on the law in force at the time of the default, without retrospective application of subsequent amendments. The Court ruled in favor of the assessee, aligning with established legal principles and a Supreme Court judgment, and rejected the Revenue's arguments. No costs were awarded in this case. en-us Thu, 17 May 1984 00:00:00 +0530 Sat, 13 Feb 2010 13:27:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27522 The High Court of Patna upheld the Tribunal's decision to reduce penalties imposed by the Wealth Tax Officer for multiple assessment years under the Wealth Tax Act, 1957. The Court agreed with the Tribunal's reasoning that penalties should be determined based on the law in force at the time of the default, without retrospective application of subsequent amendments. The Court ruled in favor of the assessee, aligning with established legal principles and a Supreme Court judgment, and rejected the Revenue's arguments. No costs were awarded in this case. Case-Laws Wealth-tax Thu, 17 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27522