https://www.taxtmi.com/caselaws?id=71391 The Tribunal held that the Income Tax Officer (ITO) lacked the authority to levy a penalty under section 271(1)(c) for the assessment year 1971-72. Explanation 2 to section 271(1)(c) cannot be applied retrospectively, and the penalty provisions are substantive, impacting the assessee's rights. The penalty imposed was canceled, and the appeal was successful. en-us Mon, 18 Oct 1982 00:00:00 +0530 Sat, 23 Apr 2011 11:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71391 The Tribunal held that the Income Tax Officer (ITO) lacked the authority to levy a penalty under section 271(1)(c) for the assessment year 1971-72. Explanation 2 to section 271(1)(c) cannot be applied retrospectively, and the penalty provisions are substantive, impacting the assessee's rights. The penalty imposed was canceled, and the appeal was successful. Case-Laws Income Tax Mon, 18 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71391