https://www.taxtmi.com/caselaws?id=29521 The Appellate Tribunal's decision to reduce the penalty imposed under section 271(1)(c) for the assessment year 1961-62 to 25% of the tax sought to be evaded was upheld by the court. The Tribunal found that the concealment of income occurred in the original returns filed before April 1, 1968, and applied the pre-amendment provisions of section 271(1)(c) in determining the penalty amount. The court agreed with the Tribunal's interpretation that the offence of concealment is complete when the original return is filed, and subsequent revised returns do not constitute fresh offences. en-us Mon, 31 Mar 1980 00:00:00 +0530 Sat, 13 Mar 2010 15:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29521 The Appellate Tribunal's decision to reduce the penalty imposed under section 271(1)(c) for the assessment year 1961-62 to 25% of the tax sought to be evaded was upheld by the court. The Tribunal found that the concealment of income occurred in the original returns filed before April 1, 1968, and applied the pre-amendment provisions of section 271(1)(c) in determining the penalty amount. The court agreed with the Tribunal's interpretation that the offence of concealment is complete when the original return is filed, and subsequent revised returns do not constitute fresh offences. Case-Laws Income Tax Mon, 31 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29521