BRIJ MOHAN vs COMMISSIONER OF INCOME TAX, NEW DELHI

The Supreme Court held that the penalty for concealment of income under Section 271(1)(c)(iii) of the Income Tax Act, 1961, as amended by the Finance Act 1968, applies to acts of concealment regardless of the assessment year in which the income is assessed. The Court clarified that the law governing the penalty is determined by the date of the wrongful act, not the assessment year. Consequently, the penalty imposed on the assessee was valid under the amended provision, affirming the Inspecting Assistant Commissioner's decision.