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1972 (4) TMI 34 - PUNJAB AND HARYANA HIGH COURT
Law Applicable - the law as on the first day of the assessment year or the law as on the date of filing the return - "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the penalty of Rs. 10,500 levied under the Explanation to section 271(1)(c) ? " – held that law as on the date of filing the return has to be applied If there is a false return the penalty provisions become operative, otherwise not, and the question whether the return is false or not falls for determination when the return is filed. In the present case the return was filed on the 9th of April, 1964, when section 271, as it stands amended, was on the statute book and, therefore, effect had to be given to that provision