https://www.taxtmi.com/caselaws?id=28216 The High Court held that the penalty under section 271(1)(c) of the Income-tax Act could be imposed for concealment of income, contrary to the Tribunal's decision. Additionally, the Court ruled that the quantum of penalty should be determined based on the law in force at the time of the delinquency, not the amended provisions effective from April 1, 1968. Consequently, the Court decided against the assessee on both issues, upholding the imposition of the penalty and applying the pre-1968 law for penalty calculation. en-us Wed, 16 Mar 1983 00:00:00 +0530 Fri, 19 Feb 2010 17:13:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28216 The High Court held that the penalty under section 271(1)(c) of the Income-tax Act could be imposed for concealment of income, contrary to the Tribunal's decision. Additionally, the Court ruled that the quantum of penalty should be determined based on the law in force at the time of the delinquency, not the amended provisions effective from April 1, 1968. Consequently, the Court decided against the assessee on both issues, upholding the imposition of the penalty and applying the pre-1968 law for penalty calculation. Case-Laws Income Tax Wed, 16 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28216