https://www.taxtmi.com/caselaws?id=27667 The Delhi High Court ruled in favor of the assessees, holding that penalties under section 271(1)(c) of the Income Tax Act should be based on pre-amendment provisions for concealment of income before April 1, 1968. The court emphasized that penalties should align with the original return filed, not revised returns in reassessment. Penalties for concealment are deemed leviable only once for a specific assessment year, reducing penalties to 25% of tax sought to be avoided. The parties were directed to bear their own costs in the case. en-us Thu, 19 Apr 1984 00:00:00 +0530 Mon, 15 Feb 2010 12:39:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27667 The Delhi High Court ruled in favor of the assessees, holding that penalties under section 271(1)(c) of the Income Tax Act should be based on pre-amendment provisions for concealment of income before April 1, 1968. The court emphasized that penalties should align with the original return filed, not revised returns in reassessment. Penalties for concealment are deemed leviable only once for a specific assessment year, reducing penalties to 25% of tax sought to be avoided. The parties were directed to bear their own costs in the case. Case-Laws Income Tax Thu, 19 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27667