Ultimately the penalties were levied as follows: "Assessment year 1964 65: (i) For the period from 1.7.64 to 31.3.69: Penalty at 2% p.m. subject to maximum of 50% of the wealth tax payable under section 18(1)(a) before its amendments on 1.4.69 by the Finance Act, 1969: Rs. 115/ (ii) For the period from 1.4.69 to 18.3.71: Penalty at 1/2% of the net wealth for each month of the default under section 18(1)(a) as amended by the Finance Act, 1969: Rs. 5,267/ Rs. 5,382/ 423 Assessment year 1965 66: (i) For the period from 1.7.65 to 30.3.69: Penalty at 2% p.m. subject to maximum of 50% of the wealth tax payable under section 18(1)(a) before its amendment on 1.4.69 by the Finance Act, 1969: Rs.163/ (ii) For the period from 1.4.69 to 18.3.71: Penalty at 1/2% of the net wealth for each month of default under section 8(1)(a) as amended on 1.4.69 by the Finance Act, 1969: Rs. 7,596/ Rs. 7,759/ The above orders levying penalties were upheld in appeal by the Appellate Assistant Commissioner and the Income tax Appellate Tribunal, Amritsar Bench, Amritsar.