https://www.taxtmi.com/caselaws?id=37318 The court held that the Explanation added to section 271(1)(c) of the Income Tax Act, 1961, post its amendment on 1st April, 1964, was not applicable to penalty proceedings for assessment years 1961-62, 1962-63, and 1963-64. It was determined that the law applicable to penalty proceedings regarding concealment of income should be based on the date of the original return filing, not the subsequent return submission after the amendment date. The court ruled in favor of the assessee, stating that the Explanation was not applicable to the penalty proceedings for the mentioned years. en-us Wed, 06 Sep 1978 00:00:00 +0530 Mon, 29 Mar 2010 10:42:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37318 The court held that the Explanation added to section 271(1)(c) of the Income Tax Act, 1961, post its amendment on 1st April, 1964, was not applicable to penalty proceedings for assessment years 1961-62, 1962-63, and 1963-64. It was determined that the law applicable to penalty proceedings regarding concealment of income should be based on the date of the original return filing, not the subsequent return submission after the amendment date. The court ruled in favor of the assessee, stating that the Explanation was not applicable to the penalty proceedings for the mentioned years. Case-Laws Income Tax Wed, 06 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37318