https://www.taxtmi.com/caselaws?id=27518 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 1963-64. The Tribunal held that the Explanation to s. 271(1)(c) introduced in 1964 did not have retrospective effect and was not applicable in this case. The Supreme Court precedent established that the law applicable is that in force when the act of concealment occurs. Therefore, the penalty was deemed inapplicable as the Department failed to prove the alleged concealment. The High Court favored the Revenue on the first issue but left the decision on the penalty's legality to the Tribunal based on the relevant provisions at the time. en-us Tue, 02 Apr 1985 00:00:00 +0530 Sat, 13 Feb 2010 13:14:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27518 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 1963-64. The Tribunal held that the Explanation to s. 271(1)(c) introduced in 1964 did not have retrospective effect and was not applicable in this case. The Supreme Court precedent established that the law applicable is that in force when the act of concealment occurs. Therefore, the penalty was deemed inapplicable as the Department failed to prove the alleged concealment. The High Court favored the Revenue on the first issue but left the decision on the penalty's legality to the Tribunal based on the relevant provisions at the time. Case-Laws Income Tax Tue, 02 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27518