1978 (4) TMI 53

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....ave filed his return under the Wealth-tax Act, 1957, on or before June 30, 1968. The return was, however, filed on December 30, 1969. The WTO imposed penalty under s. 18(1)(a) of the W.T. Act, 1957. When the matter reached the Tribunal, it held that the law as it stood on April 1 of the assessment year, namely, April 1, 1968, was applicable in order to determine the quantum of the penalty imposabl....