https://www.taxtmi.com/caselaws?id=226193 The Court held that penalty proceedings under Section 271(1)(c) of the Income Tax Act were valid, overturning the Tribunal's decision. The retrospective application of Section 271(1B), inserted by the Finance Act, 2008, deemed the assessment order as satisfying the Assessing Officer for initiating penalties. Consequently, the Court reinstated the Assessing Authority's decision, setting aside the Tribunal's order. This interpretation validated the penalty proceedings, leading to a favorable outcome for the revenue authorities in the appeals challenging the penalties. en-us Thu, 21 Mar 2013 00:00:00 +0530 Sat, 20 Apr 2013 21:19:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=226193 The Court held that penalty proceedings under Section 271(1)(c) of the Income Tax Act were valid, overturning the Tribunal's decision. The retrospective application of Section 271(1B), inserted by the Finance Act, 2008, deemed the assessment order as satisfying the Assessing Officer for initiating penalties. Consequently, the Court reinstated the Assessing Authority's decision, setting aside the Tribunal's order. This interpretation validated the penalty proceedings, leading to a favorable outcome for the revenue authorities in the appeals challenging the penalties. Case-Laws Income Tax Thu, 21 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=226193