https://www.taxtmi.com/caselaws?id=27687 The High Court upheld the Tribunal's decision to reduce penalties imposed by the Wealth Tax Officer for assessment years 1965-66 to 1968-69. The Tribunal's reduction was justified based on the non-retrospective nature of the amendment in s. 18(1)(a) of the Wealth Tax Act, which did not apply to years before 1969-70. The Court agreed with the Tribunal's application of penalty computation according to the law in force at the time of filing, ruling in favor of the assessee and against the Revenue. en-us Fri, 18 May 1984 00:00:00 +0530 Mon, 15 Feb 2010 13:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27687 The High Court upheld the Tribunal's decision to reduce penalties imposed by the Wealth Tax Officer for assessment years 1965-66 to 1968-69. The Tribunal's reduction was justified based on the non-retrospective nature of the amendment in s. 18(1)(a) of the Wealth Tax Act, which did not apply to years before 1969-70. The Court agreed with the Tribunal's application of penalty computation according to the law in force at the time of filing, ruling in favor of the assessee and against the Revenue. Case-Laws Wealth-tax Fri, 18 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27687