https://www.taxtmi.com/caselaws?id=121809 The case involved issues related to penalty proceedings under section 271(1)(c) of the Income-tax Act, 1961. The Third Member determined that legislative amendments retroactively satisfied the requirement for initiating penalty proceedings, favoring the department. Regarding the valuation of stock, the penalty was deleted partially based on evidence establishing ownership by a sister concern. However, for the remaining disputed amount, the penalty was sustained due to lack of substantiated claims. Ultimately, the majority decision supported the penalty imposition, leading to a referral back to the regular Bench for further proceedings. en-us Tue, 04 Nov 2008 00:00:00 +0530 Mon, 06 Aug 2012 15:20:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121809 The case involved issues related to penalty proceedings under section 271(1)(c) of the Income-tax Act, 1961. The Third Member determined that legislative amendments retroactively satisfied the requirement for initiating penalty proceedings, favoring the department. Regarding the valuation of stock, the penalty was deleted partially based on evidence establishing ownership by a sister concern. However, for the remaining disputed amount, the penalty was sustained due to lack of substantiated claims. Ultimately, the majority decision supported the penalty imposition, leading to a referral back to the regular Bench for further proceedings. Case-Laws Income Tax Tue, 04 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121809