https://www.taxtmi.com/caselaws?id=27658 The High Court ruled against the assessee in a case concerning penalty provisions under section 271(1)(c) of the Income-tax Act, 1961. The court held that the default leading to penalty imposition should be determined based on the law in force at the time of the wrongful act. Therefore, the penalty imposed for concealment of income in a return filed after April 1, 1968, was justified under the amended provisions of section 271(1)(c). The court rejected the assessee's argument and directed each party to bear their own costs. en-us Tue, 04 Dec 1979 00:00:00 +0530 Mon, 15 Feb 2010 12:22:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27658 The High Court ruled against the assessee in a case concerning penalty provisions under section 271(1)(c) of the Income-tax Act, 1961. The court held that the default leading to penalty imposition should be determined based on the law in force at the time of the wrongful act. Therefore, the penalty imposed for concealment of income in a return filed after April 1, 1968, was justified under the amended provisions of section 271(1)(c). The court rejected the assessee's argument and directed each party to bear their own costs. Case-Laws Income Tax Tue, 04 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27658