https://www.taxtmi.com/caselaws?id=37378 The High Court of Madhya Pradesh held that penalty provisions under section 18(1)(a) of the W.T. Act should align with the law in force at the time of default, not with subsequent amendments. The court affirmed the Tribunal's decision to reduce penalties for the assessment years 1961-62, 1962-63, and 1963-64 based on pre-amendment rates, limiting penalties to 2% of tax for each month of default, not exceeding 50% in total. The court directed parties to bear their own costs, answering both reference questions affirmatively. en-us Tue, 20 Feb 1979 00:00:00 +0530 Mon, 29 Mar 2010 13:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37378 The High Court of Madhya Pradesh held that penalty provisions under section 18(1)(a) of the W.T. Act should align with the law in force at the time of default, not with subsequent amendments. The court affirmed the Tribunal's decision to reduce penalties for the assessment years 1961-62, 1962-63, and 1963-64 based on pre-amendment rates, limiting penalties to 2% of tax for each month of default, not exceeding 50% in total. The court directed parties to bear their own costs, answering both reference questions affirmatively. Case-Laws Wealth-tax Tue, 20 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37378