1977 (10) TMI 76

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..... 1961-62, 1965-66, 1966-67 and 1967-68. In these four assessment years, the ITO levied penalties under s. 271(1)(c) of the IT Act for concealment of income. The penalties levied were Rs. 14,000, Rs. 7,050, Rs. 9,800 and Rs. 10,330 respectively for these years. It is not necessary for me to go into the merits of the case because it is admitted before me that on merits it could be said that the asses .....

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..... levied the above penalties, which were equal to the income concealed. 2. The point new raised before me is that when there returns were filed the law relating to penalty was different. The law applicable on the date when the returns were filed must be applied for the levy of penalty because the offence was committed on the date when the penalties were imposed. In support of this view several deci .....

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..... retrospective application. I think therefore, the penalties imposed under the amended law in incorrect and they should be set aside. At this stage an argument has been raised that since the proceedings were taken under s. 148 and the returns were filed in response to these proceedings, the law applicable on the date when the returns were so filed must be applied. This question posed by the Departm .....

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