https://www.taxtmi.com/caselaws?id=38931 The court ruled in favor of the assessee, holding that the penalty for late filing of wealth-tax returns should be calculated based on the law in force at the time of the default, not at the time of assessment. The court emphasized that the default in filing the return by the due date is a completed default and not a continuing one, rejecting the argument that an extension granted by the Wealth-tax Officer absolves the assessee from penalty liability. The court answered the issues affirmatively against the revenue, with costs awarded. en-us Fri, 30 Jul 1976 00:00:00 +0530 Sat, 10 Apr 2010 13:51:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38931 The court ruled in favor of the assessee, holding that the penalty for late filing of wealth-tax returns should be calculated based on the law in force at the time of the default, not at the time of assessment. The court emphasized that the default in filing the return by the due date is a completed default and not a continuing one, rejecting the argument that an extension granted by the Wealth-tax Officer absolves the assessee from penalty liability. The court answered the issues affirmatively against the revenue, with costs awarded. Case-Laws Wealth-tax Fri, 30 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38931