https://www.taxtmi.com/caselaws?id=61582 The Tribunal upheld the cancellation of the penalty under s. 271(1)(c) for the assessment year 1990-91, citing the absence of taxable income and the non-retrospective nature of legislative amendments. The Revenue's appeal was dismissed, affirming the decision of the CIT(A) based on precedents and interpretations of the relevant provisions. en-us Fri, 02 May 2003 00:00:00 +0530 Thu, 13 Jan 2011 13:35:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61582 The Tribunal upheld the cancellation of the penalty under s. 271(1)(c) for the assessment year 1990-91, citing the absence of taxable income and the non-retrospective nature of legislative amendments. The Revenue's appeal was dismissed, affirming the decision of the CIT(A) based on precedents and interpretations of the relevant provisions. Case-Laws Income Tax Fri, 02 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61582