https://www.taxtmi.com/caselaws?id=192921 An amended penalty provision applies to a default consisting of failure to comply with a lawful notice issued after the amendment came into force, because liability attaches only to the post-amendment non-compliance and not retrospectively to an earlier notice. For penalty for non-production of books, the income-tax authority must have evidence sufficient to reasonably satisfy it that the factual default occurred; penalty cannot rest on conjecture. While a best judgment assessment may be based on estimate, penalty proceedings require a firmer evidentiary foundation, though the sufficiency of proof depends on the facts of each case. en-us Mon, 15 Mar 1943 00:00:00 +0630 Mon, 03 Jul 2017 17:53:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192921 An amended penalty provision applies to a default consisting of failure to comply with a lawful notice issued after the amendment came into force, because liability attaches only to the post-amendment non-compliance and not retrospectively to an earlier notice. For penalty for non-production of books, the income-tax authority must have evidence sufficient to reasonably satisfy it that the factual default occurred; penalty cannot rest on conjecture. While a best judgment assessment may be based on estimate, penalty proceedings require a firmer evidentiary foundation, though the sufficiency of proof depends on the facts of each case. Case-Laws Income Tax Mon, 15 Mar 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=192921