https://www.taxtmi.com/caselaws?id=36412 Late filing penalty for wealth-tax returns was governed by the law in force when the return first became due, because the default was complete on that date and was not a continuing default. Where the defaults had already accrued before the amendment of section 18(1)(a) with effect from 1 April 1969, the amended provision could not be applied retrospectively to increase the penalty. Penalty therefore had to be computed under section 18(1)(a) of the Wealth-tax Act as it stood before amendment, and the issue was answered in favour of the assessee and against the department. en-us Wed, 16 Jan 1980 00:00:00 +0530 Mon, 22 Mar 2010 11:53:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36412 Late filing penalty for wealth-tax returns was governed by the law in force when the return first became due, because the default was complete on that date and was not a continuing default. Where the defaults had already accrued before the amendment of section 18(1)(a) with effect from 1 April 1969, the amended provision could not be applied retrospectively to increase the penalty. Penalty therefore had to be computed under section 18(1)(a) of the Wealth-tax Act as it stood before amendment, and the issue was answered in favour of the assessee and against the department. Case-Laws Wealth-tax Wed, 16 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36412