1997 (8) TMI 42

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....for the assessee and we have, therefore, heard only the standing counsel. At the instance of the Revenue, the Appellate Tribunal, as directed by this court, under section 27(3) of the Wealth-tax Act, 1957, referred the following question for opinion of this court : "Whether, on the facts and in the circumstances of the case, the view of the Tribunal that the relevant date for purposes of imp....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ax Officer was upheld. On further appeal, the Appellate Tribunal found as follows : "In our opinion, the default occurred on June 30, 1964, that is on the date when the return was not filed. There was no application for extension nor was it extended by a notice issued under section 14(2) of the Act. We need not go into the question as to whether an offence under section 18(1)(a) is a continu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....btaining anterior to the date of amendment and the rate obtaining posterior to the date of amendment on the principle of continuous default. This question is no more res integra, as the same controversy came to be decided in the case of Maya Rani Punj v. CIT [1986] 157 ITR 330 (SC). The view taken in Maya Rani Punj v. CIT [1986] 157 ITR 330 (SC) was reiterated by the Supreme Court in the case o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....reme Court, setting aside the decision of the High Court, held as follows : "... that the penalty had to be quantified in terms of the decision of the Supreme Court in the case of Maya Rani Punj [1986] 157 ITR 330 wherein it was held that the imposition of penalty was not to be confined to the first default but with reference to the continuing default on the footing that non-compliance with the....