1985 (8) TMI 24

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....PTA J. -A short question which arises in this reference is as to whether penalty is imposable with reference to law as obtaining on the date when the assessment order was passed and the penalty proceedings were initiated or whether the penalty is imposable with reference to the date of commission of default, namely, the date of filing of the original return. In this case, the Income-tax Officer wh....

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....Lordships of the Supreme Court held that when penalty proceedings were initiated under section. 271(1)(c) of the Act, the case was to be decided in accordance with the law which was operative or the date on which the wrongful act was committed and when the return was filed which did not disclose the correct particulars of income or disclosed inaccurate particulars thereof, within the meaning of se....