https://www.taxtmi.com/caselaws?id=342134 The High Court dismissed the revenue's appeal, affirming the lower authorities' decisions on penalty provisions under Section 271AAA and the non-retrospective effect of Explanation 2 to Section 132B of the Income Tax Act, 1961. The judgment clarified the adjustment of seized cash against advance tax liability and highlighted the significance of legislative intent in determining the retrospective application of statutory provisions. en-us Tue, 28 Feb 2017 00:00:00 +0530 Sat, 13 May 2017 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342134 The High Court dismissed the revenue's appeal, affirming the lower authorities' decisions on penalty provisions under Section 271AAA and the non-retrospective effect of Explanation 2 to Section 132B of the Income Tax Act, 1961. The judgment clarified the adjustment of seized cash against advance tax liability and highlighted the significance of legislative intent in determining the retrospective application of statutory provisions. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342134