https://www.taxtmi.com/caselaws?id=308954 Binding precedent on the computation of penalty under the Wealth Tax Act required application of the later ruling in Maya Rani Punj to penalty proceedings for the relevant assessment years. The Supreme Court declined to reconsider that precedent, holding that no compelling reason had been shown to depart from it. On that basis, the unamended view accepted by the High Court could not stand, and the enhanced amended scale of penalty governed the matter. The governing principle is that a coordinate court must follow an existing binding interpretation of a penalty provision unless strong grounds justify reconsideration. en-us Tue, 10 Dec 1996 00:00:00 +0530 Thu, 03 Aug 2023 10:04:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308954 Binding precedent on the computation of penalty under the Wealth Tax Act required application of the later ruling in Maya Rani Punj to penalty proceedings for the relevant assessment years. The Supreme Court declined to reconsider that precedent, holding that no compelling reason had been shown to depart from it. On that basis, the unamended view accepted by the High Court could not stand, and the enhanced amended scale of penalty governed the matter. The governing principle is that a coordinate court must follow an existing binding interpretation of a penalty provision unless strong grounds justify reconsideration. Case-Laws Wealth-tax Tue, 10 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308954