https://www.taxtmi.com/caselaws?id=66990 The High Court clarified that penalty provisions under section 271(1)(c) of the IT Act should be applied retrospectively based on the law at the time of filing the return. The Tribunal cancelled the penalty imposed by the assessing officer, as the explanation provided by the assessee was deemed acceptable and not disproved by the department, resulting in no penalty being levied under section 271(1)(c) of the IT Act for the assessment year in question. en-us Mon, 25 Feb 1980 00:00:00 +0530 Tue, 08 Mar 2011 16:18:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66990 The High Court clarified that penalty provisions under section 271(1)(c) of the IT Act should be applied retrospectively based on the law at the time of filing the return. The Tribunal cancelled the penalty imposed by the assessing officer, as the explanation provided by the assessee was deemed acceptable and not disproved by the department, resulting in no penalty being levied under section 271(1)(c) of the IT Act for the assessment year in question. Case-Laws Income Tax Mon, 25 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66990