https://www.taxtmi.com/caselaws?id=18147 The court held that penalties under section 271(1)(c) of the Income-tax Act should be based on the original returns, not returns filed in response to notices under section 148. The penalties for the assessment years 1966-67, 1968-69, and 1969-70 were overturned in favor of the assessee, as the original returns disclosed income that should not be disregarded. However, penalties for the assessment year 1973-74 were upheld as the court found them valid based on the difference between disclosed and assessed income. The decision favored the assessee for earlier years but upheld penalties for 1973-74. en-us Wed, 20 Nov 1996 00:00:00 +0530 Tue, 29 Sep 2009 11:20:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18147 The court held that penalties under section 271(1)(c) of the Income-tax Act should be based on the original returns, not returns filed in response to notices under section 148. The penalties for the assessment years 1966-67, 1968-69, and 1969-70 were overturned in favor of the assessee, as the original returns disclosed income that should not be disregarded. However, penalties for the assessment year 1973-74 were upheld as the court found them valid based on the difference between disclosed and assessed income. The decision favored the assessee for earlier years but upheld penalties for 1973-74. Case-Laws Income Tax Wed, 20 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18147