https://www.taxtmi.com/caselaws?id=60422 A later Supreme Court ruling on the relevant date for levy of penalty under the Wealth-tax Act rendered the Tribunal's earlier contrary view inconsistent with the law declared by the apex court, creating a mistake apparent from the record and justifying rectification. The Tribunal therefore allowed rectification and directed recomputation of penalty under section 18(1)(a) by treating the period of default from 1 January 1974 in line with the law applicable on the dates of the assessment orders. en-us Tue, 29 Jul 1986 00:00:00 +0530 Wed, 05 Jan 2011 12:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60422 A later Supreme Court ruling on the relevant date for levy of penalty under the Wealth-tax Act rendered the Tribunal's earlier contrary view inconsistent with the law declared by the apex court, creating a mistake apparent from the record and justifying rectification. The Tribunal therefore allowed rectification and directed recomputation of penalty under section 18(1)(a) by treating the period of default from 1 January 1974 in line with the law applicable on the dates of the assessment orders. Case-Laws Wealth-tax Tue, 29 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60422