https://www.taxtmi.com/caselaws?id=36067 The High Court of Madras addressed penalty provisions under section 18(1)(a) of the Wealth Tax Act, 1957. The court upheld the Tribunal's decision that penalties should be calculated based on the law in force when returns were due, not at the time of default. The court rejected the Commissioner's argument, emphasizing penalties are determined by the law applicable when the wrongful act occurs. As the default happened after the due date, the Tribunal's reduction of penalties was deemed proper. The court upheld the Tribunal's decision, highlighting the importance of applying the relevant law at the time of default in penalty calculations for tax non-compliance. en-us Wed, 10 Oct 1979 00:00:00 +0530 Fri, 19 Mar 2010 11:43:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36067 The High Court of Madras addressed penalty provisions under section 18(1)(a) of the Wealth Tax Act, 1957. The court upheld the Tribunal's decision that penalties should be calculated based on the law in force when returns were due, not at the time of default. The court rejected the Commissioner's argument, emphasizing penalties are determined by the law applicable when the wrongful act occurs. As the default happened after the due date, the Tribunal's reduction of penalties was deemed proper. The court upheld the Tribunal's decision, highlighting the importance of applying the relevant law at the time of default in penalty calculations for tax non-compliance. Case-Laws Wealth-tax Wed, 10 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36067