https://www.taxtmi.com/caselaws?id=39187 The court held that penalties for wealth-tax assessments should be calculated based on the law in effect at the time of default, not retrospectively under the Finance Act, 1969. The decision emphasized that fiscal statutes, especially penal provisions, cannot be applied retroactively by implication. The court's ruling favored the assessee, affirming the importance of interpreting penalty provisions strictly and considering the timing of defaults for penalty calculations under the Wealth-tax Act. en-us Fri, 26 Mar 1976 00:00:00 +0530 Tue, 13 Apr 2010 15:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39187 The court held that penalties for wealth-tax assessments should be calculated based on the law in effect at the time of default, not retrospectively under the Finance Act, 1969. The decision emphasized that fiscal statutes, especially penal provisions, cannot be applied retroactively by implication. The court's ruling favored the assessee, affirming the importance of interpreting penalty provisions strictly and considering the timing of defaults for penalty calculations under the Wealth-tax Act. Case-Laws Wealth-tax Fri, 26 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39187