https://www.taxtmi.com/caselaws?id=27580 The High Court of Patna ruled that penalty calculation under the Income-tax Act, 1961 should be based on the law in force at the time of filing the return, not at the beginning of the assessment year. The court held that penalties are determined by the law applicable at the time of the wrongful act. The decision favored the Revenue, rejecting the Tribunal's application of the law at the start of the assessment year. This judgment clarifies the importance of aligning penalty calculations with the law in force when the wrongful act occurs, providing guidance for future cases involving similar issues. en-us Mon, 30 Apr 1984 00:00:00 +0530 Sat, 13 Feb 2010 17:02:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27580 The High Court of Patna ruled that penalty calculation under the Income-tax Act, 1961 should be based on the law in force at the time of filing the return, not at the beginning of the assessment year. The court held that penalties are determined by the law applicable at the time of the wrongful act. The decision favored the Revenue, rejecting the Tribunal's application of the law at the start of the assessment year. This judgment clarifies the importance of aligning penalty calculations with the law in force when the wrongful act occurs, providing guidance for future cases involving similar issues. Case-Laws Income Tax Mon, 30 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27580