9911796707
TMI Blog1987 (5) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... en submitted to this court by the Income-tax Appellate Tribunal. At the time of assessment, the Wealth-tax Officer finding that the assessee had filed returns beyond time without any reasonable cause levied penalty for the relevant assessment years in terms of section 18(1) of the said Act. The penalties levied for the respective years were as follows : Assessment years Rs. 1965-66 2,364.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1969. The Department went up in appeal against the order of the Appellate Assistant Commissioner in so far as the Appellate Assistant Commissioner had directed the imposition of penalty under section 18(1)(a) as it stood prior to its amendment with effect from April 1, 1969. The Tribunal set aside the order of the Appellate Assistant Commissioner and restored the order of the Wealth-tax Officer. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... file the return of wealth under section 14(1) of the Wealth-tax Act, 1957, was a continuing default. We need not waste time over this proposition as the matter has been settled finally by the Supreme Court in Maya Rani Punj v. CIT [1986] 157 ITR 330. In CWT v. Suresh Seth [1981] 129 ITR 328, the Supreme Court had held that failure to file return on due date was not a continuing default. That deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Taxation Cases Nos. 269, 270, 280 and 281 of 1976 (disposed of on 27-4-1987-CWT v. Dalip Kumar Worah [1987] 167 ITR 811) to which both of us were parties. The Full Bench of this court, following the decision of the Supreme Court in Jain Brothers v. Union of India [1970] 77 ITR 107, held that in the matter of levy of penalty, the law to be applied would be the law which existed on the day the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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