1984 (4) TMI 39

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....of the I.T. Act, 1961, and a statement of case has been duly submitted. The question of law referred for our opinion is as to " whether on the facts and in the circumstances of the case, the Tribunal Was correct in holding that the quantum of penalty to be imposed in this case had to be on the basis of law which was in force in the assessment year 1966-67 and not on the basis of the amended law wh....

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....ded on that basis and, therefore, it reduced the penalty to the extent of Rs. 2,000 only from a larger amount as imposed by the IAC in accordance with the amended law which came into force with effect from April 1, 1968. It has been repeatedly held that when penalty proceedings are initiated, the quantum of penalty to be imposed is to be governed with reference to the date on which the return was....