1996 (12) TMI 5 - SC - Wealth-tax

Delay in filing return - penalty - held that quantum penalty should be as per law on the date of levying penalty

Summary

The Supreme Court allowed the appeals against the Andhra Pradesh High Court's order in favor of the assessee, ruling in favor of the Revenue. The court followed the decision in Maya Rani Punj v. CIT [1986] 157 ITR 330, setting aside the High Court's judgment. The appeals were allowed with no costs.