https://www.taxtmi.com/caselaws?id=8115 Penalty for concealment in respect of an earlier assessment year could validly be imposed under the Income-tax Act, 1961 where the assessment was completed after 1 April 1962, because section 297(2)(g) authorised initiation and levy of penalty proceedings under the 1961 Act in such cases. The challenge to the validity of that provision had already been upheld by the Supreme Court, and the plea that there was no concealment of income was treated as a factual question not examined in reference. The section 271(1)(c) penalty was therefore held legally leviable for the assessment year 1958-59, with the question answered in favour of the Revenue. en-us Wed, 29 Jul 1970 00:00:00 +0530 Sat, 28 Mar 2009 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8115 Penalty for concealment in respect of an earlier assessment year could validly be imposed under the Income-tax Act, 1961 where the assessment was completed after 1 April 1962, because section 297(2)(g) authorised initiation and levy of penalty proceedings under the 1961 Act in such cases. The challenge to the validity of that provision had already been upheld by the Supreme Court, and the plea that there was no concealment of income was treated as a factual question not examined in reference. The section 271(1)(c) penalty was therefore held legally leviable for the assessment year 1958-59, with the question answered in favour of the Revenue. Case-Laws Income Tax Wed, 29 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8115