https://www.taxtmi.com/caselaws?id=65270 The Tribunal ruled that Section 234D of the Income-tax Act, 1961, is substantive and cannot be applied retrospectively. It specified that Section 234D applies only from June 1, 2003, and thus cannot be imposed on assessment years prior to 2004-05. The Tribunal rejected the Revenue's argument for retrospective application, emphasizing that amendments not in force on the first day of the assessment year cannot apply to that year. Consequently, the Tribunal dismissed the Revenue's appeals and upheld the deletion of interest for assessment years 1998-99, 1999-2000, and 2000-01. en-us Fri, 11 Jul 2008 00:00:00 +0530 Sun, 10 Dec 2023 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65270 The Tribunal ruled that Section 234D of the Income-tax Act, 1961, is substantive and cannot be applied retrospectively. It specified that Section 234D applies only from June 1, 2003, and thus cannot be imposed on assessment years prior to 2004-05. The Tribunal rejected the Revenue's argument for retrospective application, emphasizing that amendments not in force on the first day of the assessment year cannot apply to that year. Consequently, the Tribunal dismissed the Revenue's appeals and upheld the deletion of interest for assessment years 1998-99, 1999-2000, and 2000-01. Case-Laws Income Tax Fri, 11 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65270