1996 (2) TMI 9

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..... 1996 - B. P. JEEVAN REDDY AND S. B. MAJMUDAR JJ. For the Appellant : Jayanta Das, Senior Advocate (G. S. Chatterjee and Ms. Aruna Banerjee, Advocates) For the Respondent : V. Gauri Sankar, Senior Advocate (Ms. A. Subhashini and S. N. Terdol, Advocates) JUDGMENT This appeal has to be allowed following the decision of this court in CIT v. Onkar Saran and Sons [1992] 195 ITR 1. T .....

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..... the filing of the return which contains the concealment or misstatement, as the case may be, that is relevant and not the date on which the penalty proceedings are initiated. Accordingly, the question is answered in the following words: The amount of penalty imposable should be worked out on the basis of the law in force at the time of filing of the return whether original and/or revised whi .....

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