Section 271(1)(iii)

Section 271(1)(iii) — the law in short

What the courts have decided on section 271(1)(iii), in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.

• Brij Mohan v CIT Supreme CourtHelps department
  The penalty provision was made harsher after my assessment year but before I filed the return. Which version applies to my concealment penalty?
  The one in force when you filed. The Supreme Court held that a penalty is imposed for the commission of a wrongful act, so it is the law operating on the date the wrongful act is committed that determines the penalty. Where the penalty is for concealment of particulars of income, the concealment occurs when the return is filed, and the law ruling on that date applies. It is wholly immaterial that the concealed income falls to be assessed for an earlier year. The substituted clause brought in by the Finance Act, 1968 therefore governed a return filed in April 1968.

Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.