https://www.taxtmi.com/caselaws?id=5207 The Supreme Court held that the penalty provisions under section 271 of the Income-tax Act, 1961, are determined by the law in force at the time of the wrongful act of concealment. In this case, the amended provision of section 271(1)(c)(iii) introduced by the Finance Act, 1968, applied as the concealment occurred post its enactment. The Court rejected the argument that returns filed within an extended period should be deemed filed within the original deadline. Ultimately, the Court ruled in favor of the revenue, upholding the penalty imposed on the assessee under the amended provision. en-us Fri, 03 Aug 1979 00:00:00 +0530 Tue, 11 Sep 2018 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5207 The Supreme Court held that the penalty provisions under section 271 of the Income-tax Act, 1961, are determined by the law in force at the time of the wrongful act of concealment. In this case, the amended provision of section 271(1)(c)(iii) introduced by the Finance Act, 1968, applied as the concealment occurred post its enactment. The Court rejected the argument that returns filed within an extended period should be deemed filed within the original deadline. Ultimately, the Court ruled in favor of the revenue, upholding the penalty imposed on the assessee under the amended provision. Case-Laws Income Tax Fri, 03 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5207