1986 (7) TMI 68

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..... : "Whether, the Tribunal was right in law in holding that the penalties to be levied should be worked out at the rates prescribed under the law as it existed on the relevant valuation dates ?" These wealth-tax references relate to two assessees, Indersain Jain and Satyapal Jain, both of whom are partners in a firm "M/s. Kumar Brothers." These references relate to the assessment years 1962-63 a .....

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..... ses of penalty proceedings. The Tribunal took the view that the penalty should be worked out at the rate prescribed under law as it existed on the relevant valuation dates. The contention of the Revenue before the Tribunal was that the penalty should be worked out as prescribed under law on the date the return was filed. This question arose before us in similar circumstances in Wealth-tax Refe .....

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