1985 (8) TMI 24

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..... in this reference is as to whether penalty is imposable with reference to law as obtaining on the date when the assessment order was passed and the penalty proceedings were initiated or whether the penalty is imposable with reference to the date of commission of default, namely, the date of filing of the original return. In this case, the Income-tax Officer while completing the assessment issued n .....

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..... when penalty proceedings were initiated under section. 271(1)(c) of the Act, the case was to be decided in accordance with the law which was operative or the date on which the wrongful act was committed and when the return was filed which did not disclose the correct particulars of income or disclosed inaccurate particulars thereof, within the meaning of section 271(1)(c) of the Act. As this mat .....

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..... ct. Thus, question No. 1 is answered in the negative, in favour of the assessee and against the Revenue, as the penalty is imposable in accordance with the law which was in force on the date of filing of the return. In view of our finding in respect of question No. 1, question No. 2 does not arise and has become redundant. The reference is answered accordingly.
Case laws, Decisions, Judgemen .....

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