https://www.taxtmi.com/caselaws?id=23695 The High Court of BOMBAY ruled in favor of the assessee, holding that penalties under section 271(1)(c) of the Income-tax Act should be imposed based on the provisions in place at the time of filing the original returns, i.e., before the April 1, 1968 amendment. The court considered relevant case law and determined that the post-amendment provisions were not applicable in this case. The decision was influenced by the Supreme Court's ruling in a similar case and analysis by the Delhi High Court. The court answered both questions in the negative, concluding that penalties should be imposed as per the pre-amendment provisions. en-us Fri, 06 Oct 1989 00:00:00 +0530 Wed, 23 Dec 2009 12:41:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23695 The High Court of BOMBAY ruled in favor of the assessee, holding that penalties under section 271(1)(c) of the Income-tax Act should be imposed based on the provisions in place at the time of filing the original returns, i.e., before the April 1, 1968 amendment. The court considered relevant case law and determined that the post-amendment provisions were not applicable in this case. The decision was influenced by the Supreme Court's ruling in a similar case and analysis by the Delhi High Court. The court answered both questions in the negative, concluding that penalties should be imposed as per the pre-amendment provisions. Case-Laws Income Tax Fri, 06 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23695