TMI Blog2008 (8) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... ing for penalty for concealment of income was initiated and after hearing the applicant, the Assessing Officer imposed the penalty which was affirmed by the Commissioner of Income-tax (Appeals) and the Tribunal. Held that- the law applicable on the date of filing of return when concealment had taken place had to be applied. For the assessment years 1976-77 and 1977-78, there was no dispute that the Explanation as amended on April 1, 1976 would be applicable. - 160 of 1991 - - - Dated:- 21-8-2008 - R. K. AGRAWAL and DR. SATISH CHANDRA JJ. Ashok Bhatnagar for the assessee. JUDGMENT The judgment of the Court was delivered by 1. R. K AGRAWAL J. - The Income-tax Appellate Tribunal, Allahabad Bench "B", Allahabad, at the ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entioned question which is a modified form of question No. 2. The other two questions have not been referred. 5. We have been informed by Sri Ashok Bhatnagar, learned counsel for the applicant, that he has no information as to whether any application under section 256(2) of the Act has been filed before this court requiring the Tribunal to refer the remaining two questions also. We, therefore, proceed to I consider the question referred to us. 6. Briefly stated, the facts giving rise to the present reference are as follows: 7. The assessee is a partnership firm and was engaged in the business of transportation and forwarding agency. It had filed the return of income for all the three years. A search and seizure had taken place a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal that the Explanation, as it stood during the assessment year 1975-76 and as was amended by the Finance Act, 1964, would apply. That being the position, the question referred does not arise as at the time of the filing of the application before the Tribunal a different stand has been taken, which we cannot permit. 8. Sri Ashok Bhatnagar, learned counsel, has invited the attention to paragraph 15 of the order of the Tribunal wherein it has been stated that before the Tribunal it was contended on behalf of the assessee that for the purpose of imposing of penalty, the law prevailing on the date, when the satisfaction has been recorded by the Income-tax Officer that the income has been concealed by the assessee, should be applied. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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