https://www.taxtmi.com/caselaws?id=27279 The court ruled in favor of the assessee, holding that the penalty should be based on the return filed on December 31, 1965, and the applicable law for penalty determination is the one in place at the time of the original return. It emphasized that concealment in the original return constitutes the offense, and multiple penalties for the same concealment are not permissible. The court referred to relevant case law, including the Supreme Court decision in Malbary & Bros. v. CIT, to support its conclusion. en-us Fri, 12 Apr 1985 00:00:00 +0530 Thu, 11 Feb 2010 18:16:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27279 The court ruled in favor of the assessee, holding that the penalty should be based on the return filed on December 31, 1965, and the applicable law for penalty determination is the one in place at the time of the original return. It emphasized that concealment in the original return constitutes the offense, and multiple penalties for the same concealment are not permissible. The court referred to relevant case law, including the Supreme Court decision in Malbary & Bros. v. CIT, to support its conclusion. Case-Laws Income Tax Fri, 12 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27279