https://www.taxtmi.com/caselaws?id=9122 The Court held that the Tribunal erred in deleting the penalty imposed under the Explanation to section 271(1)(c) of the Income-tax Act, 1961. It determined that the amended section 271(1)(c) should apply based on the date of filing the return, not the assessment year. The Court clarified that concealment is assessed when the return is filed, supporting the imposition of penalties for concealment. Ultimately, the Court ruled against the assessee, upholding the penalty under the amended section 271(1)(c) for filing a return with less than 80% of the assessed income. en-us Tue, 25 Apr 1972 00:00:00 +0530 Fri, 19 Jun 2009 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9122 The Court held that the Tribunal erred in deleting the penalty imposed under the Explanation to section 271(1)(c) of the Income-tax Act, 1961. It determined that the amended section 271(1)(c) should apply based on the date of filing the return, not the assessment year. The Court clarified that concealment is assessed when the return is filed, supporting the imposition of penalties for concealment. Ultimately, the Court ruled against the assessee, upholding the penalty under the amended section 271(1)(c) for filing a return with less than 80% of the assessed income. Case-Laws Income Tax Tue, 25 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9122