1991 (9) TMI 3

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....58), in a wealth-tax reference. The reference before the High Court related to two assessment years but we are concerned only with one of the two assessment years and this is in the assessment year 1967-68. The question posed before the High Court was (at p. 660) : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the penalty should be....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....971. On appeal, however, the Appellate Tribunal took the view that the law applicable for imposing the penalty will be the law as it stood on the first day of the assessment year in question and, accordingly, it directed that so far as the assessment year 1967-68 was concerned, the penalty should be recomputed on the basis of the tax sought to be avoided and calculated in accordance with the provi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....961 Act (corresponding to section 18(1)(a) of the Wealth-tax Act), the position was beyond dispute that the Legislature intended to deem the non-filing of the return to be continuing default and the wrong for which penalty was to be visited, commenced from the date of default and continued month after month until compliance was made and the default came to an end. The imposition of penalty, the Co....