1986 (7) TMI 68 - HC - Wealth-tax

Summary

The High Court of Delhi held that penalties should be levied based on the law in effect on the date the returns were filed, not on the valuation dates. The Tribunal's decision to apply the law from the valuation dates was deemed incorrect. The judgment was in favor of the Revenue. (Case citation: 1986 (7) TMI 68 - DELHI High Court)