https://www.taxtmi.com/caselaws?id=38848 The court determined that the failure to file wealth-tax returns did not constitute a continuing offense. Penalties imposed under section 18(1)(a) of the Wealth-tax Act for late filing were deemed unjustified. The court emphasized that penalties should align with the law applicable at the time of the default, not subsequent amendments. Relying on legal precedents, the court ruled in favor of the assessee, rejecting the revenue's argument that non-submission of returns constituted a recurring default. The decision underscores the importance of applying the law prevailing at the time of the default in assessing penalties under the Wealth-tax Act. en-us Fri, 28 Jan 1977 00:00:00 +0530 Fri, 09 Apr 2010 17:42:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38848 The court determined that the failure to file wealth-tax returns did not constitute a continuing offense. Penalties imposed under section 18(1)(a) of the Wealth-tax Act for late filing were deemed unjustified. The court emphasized that penalties should align with the law applicable at the time of the default, not subsequent amendments. Relying on legal precedents, the court ruled in favor of the assessee, rejecting the revenue's argument that non-submission of returns constituted a recurring default. The decision underscores the importance of applying the law prevailing at the time of the default in assessing penalties under the Wealth-tax Act. Case-Laws Wealth-tax Fri, 28 Jan 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38848