https://www.taxtmi.com/caselaws?id=191904 The Tribunal upheld the decision of the CIT(A) to delete the penalty imposed under section 271AAA of the Income-tax Act for the assessment year 2011-12. The dispute centered on the adjustment of seized cash against advance tax liability, with the Tribunal emphasizing the prospective nature of the legislative amendment introduced by the Finance Act, 2013. The Tribunal concluded that the assessee was not in default for failing to pay advance tax on disclosed income, citing legal principles that modifications affecting accrued rights are generally prospective. The appeal challenging the penalty was dismissed. en-us Mon, 31 Aug 2015 00:00:00 +0530 Thu, 12 Oct 2023 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191904 The Tribunal upheld the decision of the CIT(A) to delete the penalty imposed under section 271AAA of the Income-tax Act for the assessment year 2011-12. The dispute centered on the adjustment of seized cash against advance tax liability, with the Tribunal emphasizing the prospective nature of the legislative amendment introduced by the Finance Act, 2013. The Tribunal concluded that the assessee was not in default for failing to pay advance tax on disclosed income, citing legal principles that modifications affecting accrued rights are generally prospective. The appeal challenging the penalty was dismissed. Case-Laws Income Tax Mon, 31 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191904