1978 (4) TMI 53 - HC - Wealth-tax

Summary

The High Court of Allahabad held that penalty under section 18(1)(a) of the Wealth-tax Act, 1957 should be based on the provisions as they stood on the date the return was due, which was June 30, 1968. The court disagreed with the Tribunal's view that the law as of April 1, 1968 should apply. The penalty was imposed in accordance with the law as of June 30, 1968. The assessee was awarded costs of Rs. 200.