https://www.taxtmi.com/caselaws?id=27581 The High Court ruled in favor of the Revenue, holding that the Income-tax Appellate Tribunal erred in calculating the penalty based on provisions in force prior to April 1, 1968. The Court emphasized the applicability of the Explanation to s. 271(1)(c) for cases where the returned income was significantly less than the assessed income due to the assessee's neglect. The Court cited legal precedents and concluded that the penalty should be determined according to post-April 1, 1968, provisions. The Court also clarified that the issue of expenditure incurred by the assessee was beyond the scope of the reference, resulting in no costs awarded. en-us Tue, 19 Jul 1983 00:00:00 +0530 Sat, 13 Feb 2010 17:04:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27581 The High Court ruled in favor of the Revenue, holding that the Income-tax Appellate Tribunal erred in calculating the penalty based on provisions in force prior to April 1, 1968. The Court emphasized the applicability of the Explanation to s. 271(1)(c) for cases where the returned income was significantly less than the assessed income due to the assessee's neglect. The Court cited legal precedents and concluded that the penalty should be determined according to post-April 1, 1968, provisions. The Court also clarified that the issue of expenditure incurred by the assessee was beyond the scope of the reference, resulting in no costs awarded. Case-Laws Income Tax Tue, 19 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27581