https://www.taxtmi.com/caselaws?id=27656 The court reaffirmed that the law applicable for the levy of penalty for concealment under section 271(1)(c) of the Income Tax Act, 1961, is the law in force in the assessment year. It concluded that the penalty provisions should be based on the law as it stood on the date of the original return, even in cases of revised returns or reassessment proceedings. The court upheld that the pre-1968 provisions should govern the imposition of the penalty in this case, ruling in favor of the assessee due to the timing of the original returns filed. en-us Fri, 20 May 1983 00:00:00 +0530 Mon, 15 Feb 2010 12:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27656 The court reaffirmed that the law applicable for the levy of penalty for concealment under section 271(1)(c) of the Income Tax Act, 1961, is the law in force in the assessment year. It concluded that the penalty provisions should be based on the law as it stood on the date of the original return, even in cases of revised returns or reassessment proceedings. The court upheld that the pre-1968 provisions should govern the imposition of the penalty in this case, ruling in favor of the assessee due to the timing of the original returns filed. Case-Laws Income Tax Fri, 20 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27656