https://www.taxtmi.com/caselaws?id=36830 The court held that the provisions of section 271(1)(c) of the Income Tax Act do not have retrospective effect. The penalty imposed under the amended provisions was deemed not retrospective, with the act of concealment occurring when the return was filed, justifying the penalty under the amended provision. The court rejected the reduction in the penalty quantum by the Tribunal, emphasizing that the penalty should be determined based on the law prevailing at the time of filing the return. Ultimately, the court upheld the penalty imposed by the Income-tax Appellate Tribunal. en-us Thu, 23 Aug 1979 00:00:00 +0530 Wed, 24 Mar 2010 17:55:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36830 The court held that the provisions of section 271(1)(c) of the Income Tax Act do not have retrospective effect. The penalty imposed under the amended provisions was deemed not retrospective, with the act of concealment occurring when the return was filed, justifying the penalty under the amended provision. The court rejected the reduction in the penalty quantum by the Tribunal, emphasizing that the penalty should be determined based on the law prevailing at the time of filing the return. Ultimately, the court upheld the penalty imposed by the Income-tax Appellate Tribunal. Case-Laws Income Tax Thu, 23 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36830