https://www.taxtmi.com/caselaws?id=35655 The Income-tax Appellate Tribunal, Gauhati, ruled in a case concerning penalty under section 18(1)(a) of the Wealth-tax Act, 1957 for delayed filing of wealth-tax returns. The Tribunal held that penalties should be calculated based on the law in force on the last due date, following the Supreme Court precedent in CWT v. Suresh Seth. The penalty was determined at 2% of assessed wealth-tax until March 31, 1969, and 1/2% thereafter, considering non-default periods. The decision emphasized aligning penalty calculations with the law applicable on the last filing date, partially favoring the assessee by directing penalty calculation under the amended provision of the Wealth-tax (Amendment) Act, 1964. en-us Thu, 27 Aug 1981 00:00:00 +0530 Mon, 15 Mar 2010 17:47:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35655 The Income-tax Appellate Tribunal, Gauhati, ruled in a case concerning penalty under section 18(1)(a) of the Wealth-tax Act, 1957 for delayed filing of wealth-tax returns. The Tribunal held that penalties should be calculated based on the law in force on the last due date, following the Supreme Court precedent in CWT v. Suresh Seth. The penalty was determined at 2% of assessed wealth-tax until March 31, 1969, and 1/2% thereafter, considering non-default periods. The decision emphasized aligning penalty calculations with the law applicable on the last filing date, partially favoring the assessee by directing penalty calculation under the amended provision of the Wealth-tax (Amendment) Act, 1964. Case-Laws Wealth-tax Thu, 27 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35655