1993 (3) TMI 33

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....ly on July 24, 1967, when the original return was filed and, therefore, the penalty was leviable on the basis of law applicable on that date ? 2. Whether the Tribunal was justified in upholding the finding of the Appellate Assistant Commissioner in reducing the penalty from Rs. 7,118 to Rs. 1,000 ?" The brief facts of the case are that the assessment of the assessee was initially completed on the total income of Rs. 5,159 on August 28, 1967. Later on, it came to the notice of the assessing authority that the assessee is doing his business mainly in gold outside the books of account and accordingly proceedings under section 147 were initiated. This reassessment was completed on February 11, 1972, on the total income of Rs. 10,139. This....

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....t was committed and accordingly, it was found that the minimum penalty worked out to Rs. 183 and the maximum at Rs. 1,371 and so the penalty of Rs. 1,000 was sustained. Against the order of the Appellate Assistant Commissioner, the Income-tax Officer preferred an appeal before the Income-tax Appellate Tribunal, Bombay Bench, 'A' Camp at Jaipur, who also came to the conclusion that the concealment, if any, was committed on the date when the original return was filed. The submission of standing counsel for the Department is that the law is applicable as on the date when the satisfaction of the Income-tax Officer is recorded and the order of the Income-tax Appellate Tribunal is not in accordance with law. We have considered the matter....