https://www.taxtmi.com/caselaws?id=70938 The Appellate Tribunal held that penalties imposed under amended provisions of section 271(1)(c) of the Income Tax Act for concealment of income were unjustified. The Tribunal ruled that penalty provisions should be based on the law in force at the time of penalty imposition, not when returns were filed, unless retrospective application was specified. Consequently, penalties ranging from Rs. 7,050 to Rs. 14,000 were set aside, and the appeals were allowed in favor of the taxpayer. en-us Tue, 11 Oct 1977 00:00:00 +0530 Wed, 20 Apr 2011 12:08:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70938 The Appellate Tribunal held that penalties imposed under amended provisions of section 271(1)(c) of the Income Tax Act for concealment of income were unjustified. The Tribunal ruled that penalty provisions should be based on the law in force at the time of penalty imposition, not when returns were filed, unless retrospective application was specified. Consequently, penalties ranging from Rs. 7,050 to Rs. 14,000 were set aside, and the appeals were allowed in favor of the taxpayer. Case-Laws Income Tax Tue, 11 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70938