1986 (7) TMI 68

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....estion has been referred to this court for its opinion: "Whether, the Tribunal was right in law in holding that the penalties to be levied should be worked out at the rates prescribed under the law as it existed on the relevant valuation dates ?" These wealth-tax references relate to two assessees, Indersain Jain and Satyapal Jain, both of whom are partners in a firm "M/s. Kumar Brothers." T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Tribunal was as to what law would be applicable for purposes of penalty proceedings. The Tribunal took the view that the penalty should be worked out at the rate prescribed under law as it existed on the relevant valuation dates. The contention of the Revenue before the Tribunal was that the penalty should be worked out as prescribed under law on the date the return was filed. This question ....