1985 (1) TMI 22

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....t dated October 4, 1976, in Wealth-tax Application No. 733 of 1976 made under section 27(3) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act'), the Income-tax Appellate Tribunal, Allahabad Bench, Allahabad, has made this reference for the assessment years 1967-68 to 1969-70. Sri R.K. Gulati, counsel for the applicant, has made a statement before us that since an application unde....

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.... section 18(1)(a) of the Act. Notices were issued to the assessee who submitted his explanation which, however, did not find favour with the Wealth-tax Officer and penalties in the sum of Rs. 5,130 and Rs. 5,085, respectively, were imposed. The appeals preferred by the assessee before the Appellate Assistant Commissioner and thereafter to the Tribunal were dismissed. Application made by the assess....

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....d Act for parts of the period of default was justified and sustainable in law ? 3. Whether the amended provisions of section 18(1)(a) which came into being with effect from April 1, 1969, could retrospectively be applied for the defaults committed before the amended Act came into being when returns had been filed after April 1, 1969 ? Having heard counsel for the parties, we are of the opini....