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Section 18(1)(i) of the Wealth-tax Act, 1957 - Penalty - For late filing of returns - For assessment years 1934-65 to 1968-69, assessee filed his five returns late on 31-8-1969 - Whether calculation ol penalty up to 31-3-1969 should be made under section l8(1)(i) as it originally stood from 1-4-1965 to 31-3-1969, and thereafter, under section 18(1)(i) as substituted by section 24 of the Finance Act, 1969 - Held, yes Facts For the assessment years 1964-65 to 1968-69, the assessee filed returns late on 31-8-1969. The WTO levied penalty for the period up to 31-3-1969 under section 18(1)(i), as it originally stood at the rate of 2 per cent per month of the tax payable and thereafter under section 18(1)(i) as substituted by the Finance Act, 1969, at the rate of ½ per cent of the assessee's total wealth. The AAO, on appeal, modified the order and imposed penalty of 2 per cent monthly of the total wealth subject to 50 per cent of the total wealth. The Tribunal, however, upheld the WTO's orders. On reference: Held What was ordered by the Tribunal was in conformity with the ratio of the case decided by the Supreme Court in Maya Rani Punj v. CIT[1986 ] 157 ITR 330. In that view the Tribunal had committed no error and the penalty imposed by the WTO was justified. Editor's note Similar decision was taken in the case of S. Charan Singh v. CWT in WT Reference No. 2 of 1975. Cases referred to Jain Bros. v. Union of India [1970] 77 ITR 107 (SC), CWT v. Suresh Seth [1981] 129 ITR 328 (SC) and Maya Rani Punj v. CIT [1986]157 ITR 330 (SC). J.P. Bhattacharjee, C.C. Deka, N.C. Phukan, B. Malakar and Bashak, A. Sarma and Miss U. Baruah for the Petitioner. JUDGMENT Raghuvir, CJ. -Tapan Kumar Baruah is the assessee in this case. The reference in this is made under sub-section (1) of section 27 of the Wealth-tax Act, 1957 ('the Act')- 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 31-3-1989 was to be made under section 18(1)(i) of the Wealth-tax Act, 1957, as it originally stood from 1-4-1965 to 31-3-1969, as substituted with effect from 1-4-1965 by section 18 of…

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