https://www.taxtmi.com/caselaws?id=62458 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, based on concealment of income in the original return filed by the assessee before 1st April, 1976. The Tribunal affirmed the penalty amount of Rs. 3,000 determined by the Appellate Authority Commissioner, rejecting the Department's appeal and the assessee's cross-objection. The decision emphasized that penalties should be imposed according to the law in force at the time of penalty imposition, highlighting the significance of compliance with tax laws during assessments. en-us Mon, 24 Jul 1978 00:00:00 +0530 Wed, 19 Jan 2011 18:59:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62458 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, based on concealment of income in the original return filed by the assessee before 1st April, 1976. The Tribunal affirmed the penalty amount of Rs. 3,000 determined by the Appellate Authority Commissioner, rejecting the Department's appeal and the assessee's cross-objection. The decision emphasized that penalties should be imposed according to the law in force at the time of penalty imposition, highlighting the significance of compliance with tax laws during assessments. Case-Laws Income Tax Mon, 24 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62458