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Levying and penalty u/s 18(1)(a) of the W.T. Act, 1957.
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....vy of penalty for non filing belated filing of return of net wealth. Prior to 1-4-1965, the penalty leviable for failure to furnish the return of net wealth within the time allowed and in the manner required was, in addition to the amount of wealth-tax payable "a sum not exceeding one and a half times the amount of such tax". Henceforth, by the W.T. (Amendment) Act, 1964, this provision was altere....
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....w of clarifying the issue to ensure uniformity of approach as the penalty which may be imposed has changed from time to time. The Board are advised that although the default occurs after the expiry of the prescribed period for the filing of the return, the offence is not one which can be said to have been completed on that date, once and for all. The default is a continuing one since the obligatio....