COMMISSIONER OF WEALTH TAX Vs. MANVI C S

JUDGEMENT

(1.) THESE are references made by the Income-tax Appellate Tribunal, Bangalore Bench, Bangalore, section under 27(1) of the Wealth-tax Act, 1957 (hereinafter referred as "the Act"). The question relates to the quantum of penalty imposable for the failure to file the return of wealth-tax within the time prescribed or within the time extended in accordance with law. Though the actual question referred in these several cases is somewhat different, the substance of the matter is one and the same. The question referred in T.R.C. No. 195 of 1977 is as follows :

(2.) SECTION 14(1) of the Act provides :

(3.) ACCORDINGLY, we answer the question referred to us as follows : The quantum of penalty should be calculated to accordance with the law in force as on the expiry of the last date of the period within which the return was due to be filed for the relevant assessment years.