https://www.taxtmi.com/caselaws?id=36820 The High Court ruled in favor of the department, holding that the penalty imposed under s. 271(1)(c)(iii) of the Income Tax Act for the assessment year 1965-66 is determined by the law in force at the time of concealment. Additionally, the court determined that the Inspecting Assistant Commissioner retains jurisdiction to impose a penalty based on concealed income if the reference was validly made before the amendment to s. 274(2) raising the threshold to Rs. 25,000. The judgment underscores the importance of timing in determining penalty imposition and jurisdiction under the Income Tax Act. en-us Wed, 17 Oct 1979 00:00:00 +0530 Wed, 24 Mar 2010 17:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36820 The High Court ruled in favor of the department, holding that the penalty imposed under s. 271(1)(c)(iii) of the Income Tax Act for the assessment year 1965-66 is determined by the law in force at the time of concealment. Additionally, the court determined that the Inspecting Assistant Commissioner retains jurisdiction to impose a penalty based on concealed income if the reference was validly made before the amendment to s. 274(2) raising the threshold to Rs. 25,000. The judgment underscores the importance of timing in determining penalty imposition and jurisdiction under the Income Tax Act. Case-Laws Income Tax Wed, 17 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36820