https://www.taxtmi.com/caselaws?id=29210 The High Court upheld the imposition of penalties under section 271(1)(c) of the Income-tax Act, 1961, based on the concealment of income in returns filed on April 20, 1968, rejecting the assessee's argument for applying previous penalty provisions. The Court emphasized that penalties are determined by the law in effect at the time of the wrongful act, ruling that the penalties were correctly imposed under the amended provisions. The penalties were reduced to 30% of the tax sought to be avoided for each year, and the parties were directed to bear their own costs in the reference proceedings. en-us Thu, 11 Oct 1979 00:00:00 +0530 Thu, 11 Mar 2010 14:03:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29210 The High Court upheld the imposition of penalties under section 271(1)(c) of the Income-tax Act, 1961, based on the concealment of income in returns filed on April 20, 1968, rejecting the assessee's argument for applying previous penalty provisions. The Court emphasized that penalties are determined by the law in effect at the time of the wrongful act, ruling that the penalties were correctly imposed under the amended provisions. The penalties were reduced to 30% of the tax sought to be avoided for each year, and the parties were directed to bear their own costs in the reference proceedings. Case-Laws Income Tax Thu, 11 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29210