1976 (3) TMI 95 - AT - Wealth-tax

Summary

The appeals were by the WTO against penalties imposed for late filing of wealth-tax returns. The AAC directed penalties to be calculated based on rates at the dates of default. The Madras High Court decision was relied upon, stating penalties should be based on the tax base at the time of default. The Tribunal dismissed the appeals. (Case Citation: 1976 (3) TMI 95 - ITAT MADRAS-A)