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1 - 5 of 5 (0.26 seconds)Commissioner Of Income-Tax vs Ramchand Kundanlal Saraf on 27 April, 1973
In CIT v. Ramchand Kundanlal Saraf [1975] 98 ITR 474 (MP), the assessee filed his return for the assessment years 1961-62 and 1962-63 before April 1, 1968, in which his income was concealed. The assessee filed fresh returns after April 1, 1968. The department imposed penalty upon the assessee in accordance with the, amended Section 271(1)(c) of the Act. On these facts, this court held that the provisions relating to penalty are of penal character and their object is to punish the assessee so as to deter him from concealing his inc'ome in future. Penalty is in the nature of a punishment for the act of concealment and, therefore, the quantum of penalty must be determined with reference to the law prevailing on the day when the act of concealment was committed and not when the penalty proceedings are initiated or the order imposing penalty is passed, unlike proceedings for assessment of tax which are governed by the law prevailing during the assessment year. Therefore, where the concealment of income took place when the returns for the assessment years 1961-62 and 1962-63 were filed, long before the amendment of Section 271 of the I.T. Act, 1961, on April 1, 1968, penalty for such concealment of income would be leviable in accordance with the provisions of Section 271 of the Act as they stood prior to the amendment and not after the amendment, even where the penalty proceedings have been initiated after the amendment came into force. Thus, according to this decision also the act of concealment of income is committed by the assessee when the return of the income is filed.
Addl. Commissioner Of Income-Tax, ... vs C.V. Bagalkoti & Sons on 12 April, 1978
In Addl.CIT v. C.V. Bagalkoti & Sons [1978] 115 ITR 131 (Kar), it has been held by the Karnataka High Court that a concealment of income which attracts Section 271(1)(c) of the Act in the absence of any other statutory provision compelling the court to take a contrary view, takes place when the return is filed and that the quantum of penalty imposable in respect of such concealment would be that prescribed by law as in force on the date on which the act of concealment is committed.
The Rajasthan Finance Act, 1961
Section 256 in The Income Tax Act, 1961 [Entire Act]
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