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TMI Blog1988 (6) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... b-section (1) of section 27 of the Wealth-tax Act, 1957. The following question is referred : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the calculation of penalty up to March 31, 1969 was to be made under section 18(1)(i) of the Wealth-tax Act, 1957, as it originally stood from April 1, 1965, to March 31, 1969, as substituted with effect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respectively. The penalty amounts were ascertained at the rate of 2 % per month of the tax payable for the former period and for the latter period after April 1, 1969, at the rate of 1/2% of the total wealth in the cases. The Appellate Assistant Commissioner, Dibrugarh, on appeal, imposed the rate of penalty of 2% monthly of the total wealth-tax and modified the order subject to 50% of the tota ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... April 1, 1969. The question now is referred under section 27(1) of the Wealth-tax Act, 1957, for our opinion. Section 18(1)(i) of the Wealth-tax Act, 1957, was amended by the Wealth-tax (Amendment) Act, 1964, and therefter is substituted by section 24 of the Finance Act, 1969. In Jain Bros. v. Union of India [1970] 77 ITR 107, the Supreme Court held (headnote) : "It is obvious that for th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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