Penalty provision under the Income-tax Act applies from the original return date, not a later revised return filed after reassessment notice.

The applicable penalty under section 271(1)(c)(iii) had to be determined with reference to the date the original returns were filed, not the later filing of revised returns pursuant to notice under section 148. Because the returns were originally filed before the amendment enhancing penalties took effect on 1 April 1968, the amended provision could not be applied merely due to reassessment proceedings. The penalty therefore remained governed by the unamended provision in force when the original returns were filed.

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Issues: Whether the amended penalty provisions of section 271(1)(c)(iii) of the Income-tax Act, 1961 applied when the original returns were filed before the amendment but revised returns were filed after the amendment under section 148.

Analysis: The assessment years in question were reopened under section 148 read with section 147(a), but the decisive date for applying the penalty provision was the date on which the original returns were filed. The amendment enhancing penalties under section 271(1)(c)(iii) came into force on 1 April 1968, whereas the original returns had been filed long before that date. The amended provision could not be applied merely because the revised returns were filed after the amendment pursuant to notice under section 148.

Conclusion: The amended provisions of section 271(1)(c)(iii) of the Income-tax Act, 1961 were not applicable, and the penalty had to be determined under the provision in force when the original returns were filed.

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