1970 (11) TMI 40

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....year 1958-59 on the deceased assessee, Mukundan, in relation to which assessment we answered two questions just now in the Income-tax Referred Case No. 66 of 1968. We held therein that the income-tax authorities were justified in treating the sum of Rs. 21,000 as concealed income from other sources of Mukundan and that amount can be taxed. The further question arising in this case is whether any p....

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....Explanation must apply and under that provision penalty can be imposed. We do not think that that Explanation can have any relevance for deciding the question of imposition of penalty on the deceased, Mukundan, in relation to the assessment year 1958-59. In a recent decision of this court in I.T.R. No. 8 of 1968 we held that the amendment has no retrospective effect and can apply only to income co....