https://www.taxtmi.com/caselaws?id=36684 The court ruled against the department on issues concerning the calculation of penalty, legality of the penalty order, and validity of service of notice under the Wealth-tax Act. It held that penalty calculation should be based on the law prevailing on the default date, mens rea is necessary for imposing penalties, and service of notice must comply with legal requirements. However, the court sided with the assessing authority on the computation of the period of default. The court declined to address the issue of previous approval requirement. en-us Mon, 02 Jul 1979 00:00:00 +0530 Wed, 24 Mar 2010 10:19:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36684 The court ruled against the department on issues concerning the calculation of penalty, legality of the penalty order, and validity of service of notice under the Wealth-tax Act. It held that penalty calculation should be based on the law prevailing on the default date, mens rea is necessary for imposing penalties, and service of notice must comply with legal requirements. However, the court sided with the assessing authority on the computation of the period of default. The court declined to address the issue of previous approval requirement. Case-Laws Wealth-tax Mon, 02 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36684