https://www.taxtmi.com/caselaws?id=37478 The court upheld the Tribunal's decision that the assessee was liable for penalty under section 271(1)(c) of the Income-tax Act for assessment years 1966-67 and 1967-68 due to gross and willful neglect. However, the court disagreed with the Tribunal's calculation of the penalty at 20% of the tax sought to be avoided, stating that it should be based on the amount of income concealed. The court also ruled that the amended provision for a higher minimum penalty applied retrospectively from April 1, 1968. The Commissioner of Income-tax prevailed in the case, with costs awarded against the assessee. en-us Tue, 25 Apr 1978 00:00:00 +0530 Tue, 30 Mar 2010 10:48:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37478 The court upheld the Tribunal's decision that the assessee was liable for penalty under section 271(1)(c) of the Income-tax Act for assessment years 1966-67 and 1967-68 due to gross and willful neglect. However, the court disagreed with the Tribunal's calculation of the penalty at 20% of the tax sought to be avoided, stating that it should be based on the amount of income concealed. The court also ruled that the amended provision for a higher minimum penalty applied retrospectively from April 1, 1968. The Commissioner of Income-tax prevailed in the case, with costs awarded against the assessee. Case-Laws Income Tax Tue, 25 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37478