https://www.taxtmi.com/caselaws?id=29048 The Court held that the amended provision of Section 271(1)(c) of the Income Tax Act from April 1, 1968, should apply retrospectively, even if the return was filed after the amendment, as the act of concealment triggers penalty imposition. The Court rejected the Tribunal's view and referred to precedents supporting the retrospective application of the amended provision. Consequently, the Court ruled against the Tribunal, stating that the amended Section 271(1)(c) should be applicable despite the return filing date, with no costs awarded. en-us Fri, 16 Oct 1981 00:00:00 +0530 Wed, 10 Mar 2010 14:56:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29048 The Court held that the amended provision of Section 271(1)(c) of the Income Tax Act from April 1, 1968, should apply retrospectively, even if the return was filed after the amendment, as the act of concealment triggers penalty imposition. The Court rejected the Tribunal's view and referred to precedents supporting the retrospective application of the amended provision. Consequently, the Court ruled against the Tribunal, stating that the amended Section 271(1)(c) should be applicable despite the return filing date, with no costs awarded. Case-Laws Income Tax Fri, 16 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29048