https://www.taxtmi.com/caselaws?id=9127 The Full Bench of the High Court analyzed the applicability of the Explanation to section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1963-64. It held that the Explanation, introduced by the Finance Act, 1964, applied to cases where the returned income was significantly less than the total income assessed, without requiring retrospective effect. The Full Bench overturned a previous decision, aligning with established principles, and ruled in favor of the department, upholding the penalty imposed by the Inspecting Assistant Commissioner. Each party was directed to bear their own costs. en-us Mon, 02 Jul 1973 00:00:00 +0530 Fri, 19 Jun 2009 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9127 The Full Bench of the High Court analyzed the applicability of the Explanation to section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1963-64. It held that the Explanation, introduced by the Finance Act, 1964, applied to cases where the returned income was significantly less than the total income assessed, without requiring retrospective effect. The Full Bench overturned a previous decision, aligning with established principles, and ruled in favor of the department, upholding the penalty imposed by the Inspecting Assistant Commissioner. Each party was directed to bear their own costs. Case-Laws Income Tax Mon, 02 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9127