https://www.taxtmi.com/caselaws?id=27104 The High Court ruled in favor of the assessee, directing that the penalty under section 271(1)(c) of the Income Tax Act should be calculated based on the provisions as they existed prior to the 1968 amendment. The Court held that since the revised return only claimed depreciation without changing the income, the original return should be considered for penalty calculation. It was determined that there was no continuing default, and thus, the penalty should align with the unamended provisions of the Act. en-us Tue, 29 May 1984 00:00:00 +0530 Wed, 10 Feb 2010 17:28:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27104 The High Court ruled in favor of the assessee, directing that the penalty under section 271(1)(c) of the Income Tax Act should be calculated based on the provisions as they existed prior to the 1968 amendment. The Court held that since the revised return only claimed depreciation without changing the income, the original return should be considered for penalty calculation. It was determined that there was no continuing default, and thus, the penalty should align with the unamended provisions of the Act. Case-Laws Income Tax Tue, 29 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27104