https://www.taxtmi.com/caselaws?id=9128 Penalty under section 271(1)(c) could not be sustained for concealment relating to assessment year 1958-59 on the basis of the Explanation inserted by the Finance Act, 1964. The Court held that the Explanation had no retrospective effect and applied only to income concealed after it came into force. The timing of the penalty notice did not change the governing law, because liability had to be tested by the law in force when the concealment occurred. The cancellation of penalty was therefore upheld in favour of the assessee. en-us Tue, 17 Nov 1970 00:00:00 +0530 Fri, 19 Jun 2009 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9128 Penalty under section 271(1)(c) could not be sustained for concealment relating to assessment year 1958-59 on the basis of the Explanation inserted by the Finance Act, 1964. The Court held that the Explanation had no retrospective effect and applied only to income concealed after it came into force. The timing of the penalty notice did not change the governing law, because liability had to be tested by the law in force when the concealment occurred. The cancellation of penalty was therefore upheld in favour of the assessee. Case-Laws Income Tax Tue, 17 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9128