1986 (1) TMI 78

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....e applications under section 27(3) of the Wealth-tax Act, 1957, for directing the Income-tax Appellate Tribunal, Delhi Bench, to draw up statement of the case and refer certain questions of law to this court which are said to arise out of the order of the Tribunal while disposing of the appeals for the assessment years 1963-64, 1964-65 and 1965-66. The brief facts of the case are that wealth-ta....

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....of the returns and he imposed substantial penalties for the aforesaid assessment years. The amount of penalty was computed on the basis that the defaults were continuing defaults and thus the penalty was payable as per law prevailing at the time during which the default continued. The Tribunal found that penalty can be imposed only as per the law dealing with penalty as on the date the default ....

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....rn was filed ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal is legally correct in directing that the penalty under section 18(1)(a) of the Wealth-tax Act for the late filing of the return should be calculated as per law applicable in the relevant assessment year, even in respect of the continuing default of delay after the law was amended with effect from April ....