https://www.taxtmi.com/caselaws?id=76350 The High Court considered the interpretation of penalty under section 271(1)(c) without accounting for the Explanation introduced in 1976. It ruled in favor of the Revenue, stating that the law applicable at the time of filing the return when concealment occurred should be considered. The Court clarified the applicability of different laws for various assessment years (1975-76, 1976-77, and 1977-78) based on the date of concealment. The Tribunal's confirmation of the penalty for concealment of income was upheld, emphasizing the relevance of the prevailing law at the time of concealment. en-us Thu, 21 Aug 2008 00:00:00 +0530 Mon, 21 Jun 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76350 The High Court considered the interpretation of penalty under section 271(1)(c) without accounting for the Explanation introduced in 1976. It ruled in favor of the Revenue, stating that the law applicable at the time of filing the return when concealment occurred should be considered. The Court clarified the applicability of different laws for various assessment years (1975-76, 1976-77, and 1977-78) based on the date of concealment. The Tribunal's confirmation of the penalty for concealment of income was upheld, emphasizing the relevance of the prevailing law at the time of concealment. Case-Laws Income Tax Thu, 21 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76350