1977 (3) TMI 68 - AT - Income Tax

Summary

The ITAT Madras-B dismissed Departmental appeals challenging penalties under section 18(1)(a) of the Wealth Tax Act for asst. years 1966-67, 1967-68, and 1968-69. The AAC directed the WTO to recompute penalties based on rates in force on due dates of the wealth tax returns. The ITAT upheld the AAC's decision, citing a Madras High Court ruling. The appeals were dismissed. (Case Citation: 1977 (3) TMI 68 - ITAT MADRAS-B)