https://www.taxtmi.com/caselaws?id=37848 Penalty under section 18(1)(a) of the Wealth-tax Act, 1957 was linked to the law in force on the date the default occurred, namely the last date for filing the return, rather than the first day of the assessment year. Where the return for the relevant assessment year was due on 30 June 1968 and was filed late, the statutory position on that due date governed both liability to penalty and its quantum. The commencement of the assessment year was treated as irrelevant because the operative event for penalty purposes was the failure to file by the prescribed deadline. en-us Sat, 22 Apr 1978 00:00:00 +0530 Thu, 01 Apr 2010 13:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37848 Penalty under section 18(1)(a) of the Wealth-tax Act, 1957 was linked to the law in force on the date the default occurred, namely the last date for filing the return, rather than the first day of the assessment year. Where the return for the relevant assessment year was due on 30 June 1968 and was filed late, the statutory position on that due date governed both liability to penalty and its quantum. The commencement of the assessment year was treated as irrelevant because the operative event for penalty purposes was the failure to file by the prescribed deadline. Case-Laws Wealth-tax Sat, 22 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37848