https://www.taxtmi.com/caselaws?id=27668 The High Court upheld the Tribunal's decision that penalties should be levied according to section 18(1) of the Wealth Tax Act, 1957, prior to its 1969 amendment for the assessment years in question. The judgment favored the assessee, emphasizing that penalties are determined based on the law applicable at the time of default. The reference was answered in favor of the assessee, and no costs were awarded due to the respondent's absence. en-us Thu, 22 Sep 1983 00:00:00 +0530 Mon, 15 Feb 2010 12:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27668 The High Court upheld the Tribunal's decision that penalties should be levied according to section 18(1) of the Wealth Tax Act, 1957, prior to its 1969 amendment for the assessment years in question. The judgment favored the assessee, emphasizing that penalties are determined based on the law applicable at the time of default. The reference was answered in favor of the assessee, and no costs were awarded due to the respondent's absence. Case-Laws Wealth-tax Thu, 22 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27668