https://www.taxtmi.com/caselaws?id=192184 The Tribunal allowed the appeal filed by the assessee and directed the Assessing Officer to cancel the penalty of Rs. 61,70,000 levied under Section 158BFA(2) for the disallowance of interest expenditure. The Tribunal held that the retrospective amendment to Section 158B(b) was not in effect at the time of the search and filing of the return, following the precedent set in the case of Super Metal Industries. Therefore, the Tribunal concluded that the penalty was unwarranted in this case. en-us Fri, 30 Aug 2013 00:00:00 +0530 Thu, 25 May 2017 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192184 The Tribunal allowed the appeal filed by the assessee and directed the Assessing Officer to cancel the penalty of Rs. 61,70,000 levied under Section 158BFA(2) for the disallowance of interest expenditure. The Tribunal held that the retrospective amendment to Section 158B(b) was not in effect at the time of the search and filing of the return, following the precedent set in the case of Super Metal Industries. Therefore, the Tribunal concluded that the penalty was unwarranted in this case. Case-Laws Income Tax Fri, 30 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192184