1989 (7) TMI 71 - HC - Income Tax

Summary

The High Court of Rajasthan held that for the purpose of penalty for concealment of income, the law applicable is that prevailing on the date of filing the original return, not the subsequent return filed in response to a notice under section 148. The Tribunal was right in imposing the penalty according to the law existing when the original return was filed. The decision is in line with previous court rulings. The reference was answered in favor of the assessee.