https://www.taxtmi.com/caselaws?id=39859 The High Court held that penalties for concealment of income should be determined based on the law prevailing at the time of the offense, not when penalty proceedings were initiated. As the concealment occurred before the 1968 amendment to section 271(1)(c) of the Income-tax Act, penalties were to be calculated under the pre-amendment provisions. The Court emphasized strict construction of fiscal statutes in favor of taxpayers and upheld the Tribunal's decision to set aside penalties imposed post-amendment, directing reassessment based on the pre-amendment penalty framework for the relevant assessment years. en-us Fri, 27 Apr 1973 00:00:00 +0530 Tue, 20 Apr 2010 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39859 The High Court held that penalties for concealment of income should be determined based on the law prevailing at the time of the offense, not when penalty proceedings were initiated. As the concealment occurred before the 1968 amendment to section 271(1)(c) of the Income-tax Act, penalties were to be calculated under the pre-amendment provisions. The Court emphasized strict construction of fiscal statutes in favor of taxpayers and upheld the Tribunal's decision to set aside penalties imposed post-amendment, directing reassessment based on the pre-amendment penalty framework for the relevant assessment years. Case-Laws Income Tax Fri, 27 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39859