https://www.taxtmi.com/caselaws?id=37651 Penalty under the Wealth-tax Act is computed by reference to the tax stated in the demand notice, not the amount remaining outstanding when the penalty order is later made. The provision was treated as having the same language and effect as the corresponding income-tax penalty rule, so the expression referring to tax payable was linked to the tax specified in the notice of demand issued under section 156. The operative consequence is that the penalty base is fixed by the demand notice itself, rather than by any later reduction in the outstanding balance. en-us Wed, 25 Jan 1978 00:00:00 +0530 Wed, 31 Mar 2010 11:49:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37651 Penalty under the Wealth-tax Act is computed by reference to the tax stated in the demand notice, not the amount remaining outstanding when the penalty order is later made. The provision was treated as having the same language and effect as the corresponding income-tax penalty rule, so the expression referring to tax payable was linked to the tax specified in the notice of demand issued under section 156. The operative consequence is that the penalty base is fixed by the demand notice itself, rather than by any later reduction in the outstanding balance. Case-Laws Wealth-tax Wed, 25 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37651