https://www.taxtmi.com/caselaws?id=36472 The High Court of Madhya Pradesh ruled against the individual assessee in a penalty proceedings case under section 271(1)(c) of the Income Tax Act 1961 for the assessment year 1959-60. The Court held that the default leading to penalty should be linked to the return filed in response to the notice under section 148 of the Act, and the penalty calculation should be based on the law applicable at the time of that filing, i.e., after April 1, 1968. The Court answered the questions referred by the Tribunal in the negative, directing each party to bear its own costs. en-us Mon, 24 Sep 1979 00:00:00 +0530 Mon, 22 Mar 2010 15:20:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36472 The High Court of Madhya Pradesh ruled against the individual assessee in a penalty proceedings case under section 271(1)(c) of the Income Tax Act 1961 for the assessment year 1959-60. The Court held that the default leading to penalty should be linked to the return filed in response to the notice under section 148 of the Act, and the penalty calculation should be based on the law applicable at the time of that filing, i.e., after April 1, 1968. The Court answered the questions referred by the Tribunal in the negative, directing each party to bear its own costs. Case-Laws Income Tax Mon, 24 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36472