https://www.taxtmi.com/caselaws?id=333759 The High Court held that Explanation 4 to section 271(1)(c) of the Income Tax Act applies even to assessment years before April 1, 2003. The court ruled in favor of the department on the issue of deleting the penalty. However, the court upheld the reduction of penalty to 100% by the Commissioner of Income Tax (Appeal) in favor of the assessee. The appeal was disposed of accordingly. en-us Wed, 19 Oct 2016 00:00:00 +0530 Sat, 22 Oct 2016 21:12:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333759 The High Court held that Explanation 4 to section 271(1)(c) of the Income Tax Act applies even to assessment years before April 1, 2003. The court ruled in favor of the department on the issue of deleting the penalty. However, the court upheld the reduction of penalty to 100% by the Commissioner of Income Tax (Appeal) in favor of the assessee. The appeal was disposed of accordingly. Case-Laws Income Tax Wed, 19 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333759