1995 (8) TMI 36

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..... red to as "the Act"), at the instance of the Revenue. The question referred for the opinion of this court is as follows : " Whether, on the facts and in the circumstances of the case, the view of the Tribunal that the relevant date for purposes of imposition of penalty under section 18(1)(a) of the Wealth-tax Act, 1957, is the date when the return is actually due is legally unjustified ? " To .....

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..... eturns voluntarily. The Wealth-tax Officer did not accept these submissions. and imposed a penalty of Rs. 17,486. The Wealth-tax Officer computed penalty for the period July 1, 1964, to March 31, 1969, under the provisions of law as in force before the date of amendment which was made from April 1, 1969, for the period thereafter under the amended provisions. Aggrieved, the assessee filed an appea .....

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..... 307. In this case, this court was of the view that the penalty under section 18(1)(a)(i) of the Wealth-tax Act, 1957, for the delay in filing the returns for the assessment years in question is to be levied for the period of delay prior to April 1, 1969, in terms of the prescribed rates with reference to the unamended section 18 of the Act as it stood prior to its amendment by the Finance Act, 19 .....

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