1984 (4) TMI 29

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....256(1) of the I.T. Act, 1961, by the Income-tax Appellate Tribunal, Patna Bench " A Patna. The following question has been referred for our opinion: " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that in calculating the penalty, the law which was in force on the first day of the assessment year, was to be applied and not the law which had come ....

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....al to the amount of income concealed and the above penalty was levied. The assessee went before the Tribunal and the Tribunal, on considering the facts of the case, held that the assessee had not been able to discharge the onus which lay upon him under the Explanation to s. 271(1)(c) of the I.T. Act, 1961 (hereinafter referred to as " the Act"). The Tribunal further held that there was no basis fo....

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....n an incorrect view of law in holding that the law which came into force on April 1, 1968, was not applicable to the facts of the instant case and he relied upon the case of Addl. CIT v. P.N. Prasad (Tax Case No. 63 of 1974, disposed of on April 16, 1984-[1984] 150 ITR 274). It is well settled that the penalty is to be imposed on account of the commission of wrongful act and the law operating on t....

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....l appearing for the assessee tried to persuade us to accept his submission that the Tribunal had taken a correct view of the law. In my opinion, there is no force in the submission advanced by the learned counsel for the assessee. In view of the consistent view taken by this court on the basis of the aforesaid Supreme Court case in Brij Mohan v. CIT [1979] 120 ITR 1, the question referred to this ....