https://www.taxtmi.com/caselaws?id=37252 The Tribunal's penalty order under s. 18(1)(c) of the Wealth-tax Act, 1957, was deemed not time-barred. The law for determining penalty quantum was held to be that in effect when the original return was filed. The Tribunal reduced the penalty significantly, which the High Court found improper but upheld due to lack of challenge by the assessee. The High Court ruled in favor of the assessee, emphasizing penalty calculation based on the law at the time of original return filing. The Commissioner's questions were answered against the revenue, with no costs awarded. en-us Thu, 01 Feb 1979 00:00:00 +0530 Sat, 27 Mar 2010 16:12:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37252 The Tribunal's penalty order under s. 18(1)(c) of the Wealth-tax Act, 1957, was deemed not time-barred. The law for determining penalty quantum was held to be that in effect when the original return was filed. The Tribunal reduced the penalty significantly, which the High Court found improper but upheld due to lack of challenge by the assessee. The High Court ruled in favor of the assessee, emphasizing penalty calculation based on the law at the time of original return filing. The Commissioner's questions were answered against the revenue, with no costs awarded. Case-Laws Wealth-tax Thu, 01 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37252