https://www.taxtmi.com/caselaws?id=38920 An amended penalty provision that converts a failure to file a return into a continuing default with monthly liability applies prospectively, not to a default already completed before the amendment took effect. For the earlier assessment year, the original omission occurred before the amendment, so penalty had to be imposed only under the unamended provision. For the later assessment year, the default arose after the amendment came into force, so the amended provision governed computation of penalty. The assessment year itself was not decisive; the controlling factor was when the default occurred and the statutory regime then in force. en-us Mon, 07 Apr 1975 00:00:00 +0530 Sat, 10 Apr 2010 13:28:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38920 An amended penalty provision that converts a failure to file a return into a continuing default with monthly liability applies prospectively, not to a default already completed before the amendment took effect. For the earlier assessment year, the original omission occurred before the amendment, so penalty had to be imposed only under the unamended provision. For the later assessment year, the default arose after the amendment came into force, so the amended provision governed computation of penalty. The assessment year itself was not decisive; the controlling factor was when the default occurred and the statutory regime then in force. Case-Laws Wealth-tax Mon, 07 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38920