https://www.taxtmi.com/caselaws?id=38135 The court clarified that the penalty for failing to file wealth-tax returns on time should be calculated based on the law in effect at the deadline for filing the return, rejecting the retroactive application of subsequent amendments. Precedents from various High Courts supported this stance. The court emphasized that penalties are triggered upon the expiry of the filing deadline and directed that penalty calculation align with the law applicable at that time. Each party was ordered to bear its own costs in the case. en-us Fri, 21 Apr 1978 00:00:00 +0530 Sat, 03 Apr 2010 13:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38135 The court clarified that the penalty for failing to file wealth-tax returns on time should be calculated based on the law in effect at the deadline for filing the return, rejecting the retroactive application of subsequent amendments. Precedents from various High Courts supported this stance. The court emphasized that penalties are triggered upon the expiry of the filing deadline and directed that penalty calculation align with the law applicable at that time. Each party was ordered to bear its own costs in the case. Case-Laws Wealth-tax Fri, 21 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38135