https://www.taxtmi.com/caselaws?id=38884 The court determined that the provisions of the amended section 18(1)(a) of the Wealth-tax Act, effective from April 1, 1965, were applicable to the case, rejecting the Tribunal's decision that the unamended section applied. It was held that penalties should be imposed based on the law in force at the time of the default, not at the completion of assessment or initiation of penalty proceedings. The court clarified the procedural nature of prior approval requirements and emphasized that the new penalty provisions were not more burdensome, ultimately ruling against the assessee. en-us Fri, 22 Oct 1971 00:00:00 +0530 Sat, 10 Apr 2010 11:57:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38884 The court determined that the provisions of the amended section 18(1)(a) of the Wealth-tax Act, effective from April 1, 1965, were applicable to the case, rejecting the Tribunal's decision that the unamended section applied. It was held that penalties should be imposed based on the law in force at the time of the default, not at the completion of assessment or initiation of penalty proceedings. The court clarified the procedural nature of prior approval requirements and emphasized that the new penalty provisions were not more burdensome, ultimately ruling against the assessee. Case-Laws Wealth-tax Fri, 22 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38884