https://www.taxtmi.com/caselaws?id=37446 The High Court upheld the Tribunal's decision to reduce penalties under section 271(1)(c) of the Income-tax Act to 20% of the tax sought to be evaded by applying the law in force before April 1, 1968. The Court ruled that the law applicable should be the one in force at the time of filing the original returns, as the concealment of income occurred before the amendment. The decision favored the assessee, affirming the Tribunal's imposition of a minimum penalty and awarding costs, including a hearing fee of Rs. 200. en-us Tue, 28 Nov 1978 00:00:00 +0530 Mon, 29 Mar 2010 17:04:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37446 The High Court upheld the Tribunal's decision to reduce penalties under section 271(1)(c) of the Income-tax Act to 20% of the tax sought to be evaded by applying the law in force before April 1, 1968. The Court ruled that the law applicable should be the one in force at the time of filing the original returns, as the concealment of income occurred before the amendment. The decision favored the assessee, affirming the Tribunal's imposition of a minimum penalty and awarding costs, including a hearing fee of Rs. 200. Case-Laws Income Tax Tue, 28 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37446