https://www.taxtmi.com/caselaws?id=24123 The court upheld the Tribunal's decision in favor of the assessee, ruling that the penalty for concealment of income should be based on the law in force at the time of filing the original return. The court emphasized that the Income-tax Officer lacked jurisdiction to impose a penalty exceeding Rs. 1,000 at the time of the initial return filing in 1964. By aligning with precedent, the court confirmed that penalties should be determined according to the law applicable when the income was first disclosed. This decision clarifies the regulatory framework for penalties under the Income-tax Act, 1961. en-us Wed, 08 Mar 1989 00:00:00 +0530 Sat, 16 Jan 2010 17:48:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24123 The court upheld the Tribunal's decision in favor of the assessee, ruling that the penalty for concealment of income should be based on the law in force at the time of filing the original return. The court emphasized that the Income-tax Officer lacked jurisdiction to impose a penalty exceeding Rs. 1,000 at the time of the initial return filing in 1964. By aligning with precedent, the court confirmed that penalties should be determined according to the law applicable when the income was first disclosed. This decision clarifies the regulatory framework for penalties under the Income-tax Act, 1961. Case-Laws Income Tax Wed, 08 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24123