https://www.taxtmi.com/caselaws?id=37153 The court held that Section 271(1)(c) of the I.T. Act, 1961 was applicable as the assessee willfully concealed income from the truck business. However, the court determined that the penalty should be based on the law in force when the original return was filed, not the amended law effective from 1st April, 1968. The court concluded that while Section 271(1)(c) applied, the amended clause (iii) of Section 271(1) was not relevant for fixing the penalty amount. The Tribunal's decision was upheld on the applicability of Section 271(1)(c) but overturned on the determination of the penalty amount. en-us Wed, 30 Aug 1978 00:00:00 +0530 Fri, 26 Mar 2010 18:38:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37153 The court held that Section 271(1)(c) of the I.T. Act, 1961 was applicable as the assessee willfully concealed income from the truck business. However, the court determined that the penalty should be based on the law in force when the original return was filed, not the amended law effective from 1st April, 1968. The court concluded that while Section 271(1)(c) applied, the amended clause (iii) of Section 271(1) was not relevant for fixing the penalty amount. The Tribunal's decision was upheld on the applicability of Section 271(1)(c) but overturned on the determination of the penalty amount. Case-Laws Income Tax Wed, 30 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37153