Law:

Section:

Section 18, read with section 27, of the Wealth-tax Act, 1957 - Penalty - For late filing of return - Tribunal held that amount of penalty for late filing of return was to be calculated according to law applicable on date of initiation of penalty proceedings and not in accordance with law as amended from time to time and applicable during period of continuing default - Whether no referable question of law arose from aforesaid order of Tribunal - Held, yes Note: The case has been decided in favour of the assessee. L.K. Sood for the Applicant. S.S. Mahajan for the Respondent. JUDGMENT A petition was filed under section 27(3) of the Wealth-tax Act, 1957, praying that the High Court may…

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