9911796707
TMI Blog1991 (9) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... fault - in case of continuing default, the law as at the assessment year cannot be applied - - - - - Dated:- 12-9-1991 - N. D. OJHA., V. RAMASWAMY. and S. RANGANATHAN. ORDER This is an appeal by certificate from judgment of the Allahabad High Court (P. N. Banerjee v. CWT [1980] 125 ITR 658), in a wealth-tax reference. The reference before the High Court related to two assessment years bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... new provisions, the penalty was to be calculated with reference to the net wealth whereas earlier the penalty had to be calculated with reference to the amount of tax sought to be avoided. The Income-tax Officer levied a penalty on the former basis because the return had been filed on June 12, 1971. On appeal, however, the Appellate Tribunal took the view that the law applicable for imposing the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntical. Under the Wealth-tax Act, an earlier view had been taken by this Court in CWT v. Suresh Seth [1981] 129 ITR 328. But this view was overruled in Maya Rani Punj's case [1986] 157 ITR 330 referred to earlier. The Court held that, in view of the language used in section 271 (1) (a) of the 1961 Act (corresponding to section 18(1)(a) of the Wealth-tax Act), the position was beyond dispute that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
