https://www.taxtmi.com/caselaws?id=183346 The High Court dismissed the revenue's appeal regarding the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2004-05. The Court found that the deletion of the penalty by the Tribunal was justified due to the debatable issue arising from the retrospective amendment introduced by the Finance Act, 2012. As there was no failure to disclose material facts for assessment, the Court ruled in favor of the assessee, concluding that the penalty imposition was not warranted. No costs were awarded in this matter. en-us Fri, 08 Mar 2013 00:00:00 +0530 Fri, 13 Mar 2026 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183346 The High Court dismissed the revenue's appeal regarding the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2004-05. The Court found that the deletion of the penalty by the Tribunal was justified due to the debatable issue arising from the retrospective amendment introduced by the Finance Act, 2012. As there was no failure to disclose material facts for assessment, the Court ruled in favor of the assessee, concluding that the penalty imposition was not warranted. No costs were awarded in this matter. Case-Laws Income Tax Fri, 08 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183346