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The High Court of Allahabad ruled that penalty under section 18(1)(a) of the Wealth-tax Act is to be imposed based on the rates in force at the time of default. The Tribunal's decision on the relevant date for penalty imposition was deemed legally unjustified. The court's decision was influenced by a previous case involving a similar issue. The penalty for the assessee was upheld, and no costs were awarded due to the absence of representation.
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