1970 (11) TMI 40 - HC - Income Tax

This relates to the question of imposition of penalty arising from the assessment that has been made for the year 1958-59 on the deceased assessee - applicability of Explanation to section 271(1)(c) to the assessment year 1958-59 - In case of penalty for concealment the provision at the time the concealment took place must be applied

Summary

The High Court of Kerala held that no penalty could be imposed on the deceased assessee under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1958-59. The Tribunal's decision to cancel the penalty imposition was upheld, stating that the amendment introduced in 1964 does not apply retrospectively. The judgment was in favor of the assessee, and no costs were awarded.