https://www.taxtmi.com/caselaws?id=27099 The High Court ruled in favor of the assessee in a case concerning penalty computation under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal correctly applied the law in force at the time of concealment, imposing a penalty of 20% of the tax that would have been avoided as per the provisions before April 1, 1968. Citing the precedent in Brij Mohan v. CIT, the court emphasized the importance of considering the law applicable at the time of concealment when determining penalties for non-disclosure of income. The Revenue was directed to bear the costs of the reference, setting a significant precedent for similar cases. en-us Wed, 05 Sep 1984 00:00:00 +0530 Wed, 10 Feb 2010 17:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27099 The High Court ruled in favor of the assessee in a case concerning penalty computation under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal correctly applied the law in force at the time of concealment, imposing a penalty of 20% of the tax that would have been avoided as per the provisions before April 1, 1968. Citing the precedent in Brij Mohan v. CIT, the court emphasized the importance of considering the law applicable at the time of concealment when determining penalties for non-disclosure of income. The Revenue was directed to bear the costs of the reference, setting a significant precedent for similar cases. Case-Laws Income Tax Wed, 05 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27099