https://www.taxtmi.com/caselaws?id=20515 The High Court upheld the decisions of the Appellate Assistant Commissioner and the Income-tax Appellate Tribunal, ruling in favor of the assessee and against the Revenue. The penalty amount was reduced from Rs. 7,118 to Rs. 1,000 based on the law applicable at the time of the original return filing. The Court emphasized the importance of aligning penalty imposition for concealment with the law prevailing at the time of the act of concealment, as supported by legal precedents and the apex court's ruling. en-us Tue, 30 Mar 1993 00:00:00 +0530 Sat, 14 Nov 2009 13:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20515 The High Court upheld the decisions of the Appellate Assistant Commissioner and the Income-tax Appellate Tribunal, ruling in favor of the assessee and against the Revenue. The penalty amount was reduced from Rs. 7,118 to Rs. 1,000 based on the law applicable at the time of the original return filing. The Court emphasized the importance of aligning penalty imposition for concealment with the law prevailing at the time of the act of concealment, as supported by legal precedents and the apex court's ruling. Case-Laws Income Tax Tue, 30 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20515