https://www.taxtmi.com/caselaws?id=22563 The Bombay High Court ruled in favor of the assessee in a case concerning the interpretation of penalty for concealment under section 271(1)(c)(iii) of the Income-tax Act, 1961. The court upheld the Tribunal's decision to reduce the penalty to the minimum leviable before the 1968 amendment, emphasizing that the penalty should be based on the default at the time of concealment and not subsequent actions. The court referenced a precedent to support its decision. Ultimately, the court found the assessee liable for penalty under the pre-1968 amendment provisions, considering the original returned income. en-us Wed, 19 Sep 1990 00:00:00 +0530 Fri, 11 Dec 2009 11:52:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22563 The Bombay High Court ruled in favor of the assessee in a case concerning the interpretation of penalty for concealment under section 271(1)(c)(iii) of the Income-tax Act, 1961. The court upheld the Tribunal's decision to reduce the penalty to the minimum leviable before the 1968 amendment, emphasizing that the penalty should be based on the default at the time of concealment and not subsequent actions. The court referenced a precedent to support its decision. Ultimately, the court found the assessee liable for penalty under the pre-1968 amendment provisions, considering the original returned income. Case-Laws Income Tax Wed, 19 Sep 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22563