https://www.taxtmi.com/caselaws?id=29162 The High Court of Madhya Pradesh determined that the amendment to section 271(1)(c) of the Income-tax Act, 1961, effective from April 1, 1968, was not retrospective. The court emphasized that the penalty should be based on the law in force at the time of the wrongful act, i.e., the concealment of income. The Tribunal was directed to determine when the concealment occurred to apply the penalty provisions correctly. Each party was instructed to bear their costs for the reference proceedings. en-us Wed, 05 Dec 1979 00:00:00 +0530 Thu, 11 Mar 2010 12:09:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29162 The High Court of Madhya Pradesh determined that the amendment to section 271(1)(c) of the Income-tax Act, 1961, effective from April 1, 1968, was not retrospective. The court emphasized that the penalty should be based on the law in force at the time of the wrongful act, i.e., the concealment of income. The Tribunal was directed to determine when the concealment occurred to apply the penalty provisions correctly. Each party was instructed to bear their costs for the reference proceedings. Case-Laws Income Tax Wed, 05 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29162