https://www.taxtmi.com/caselaws?id=12218 The Supreme Court overturned the conviction of the applicants, partners of a business entity, for failing to deduct and deposit tax deducted at source within the prescribed time frame. The Court held that post-April 1, 1989, failure to deduct tax at source was not an offense but attracted a penalty. The omission of section 276B without a saving clause meant no prosecution could be initiated or continued under it. The judgment allowed the revision in favor of the applicants, clarifying the retrospective interpretation of the amended provisions of the Income-tax Act. en-us Tue, 26 Nov 2002 00:00:00 +0530 Sat, 20 Feb 2010 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12218 The Supreme Court overturned the conviction of the applicants, partners of a business entity, for failing to deduct and deposit tax deducted at source within the prescribed time frame. The Court held that post-April 1, 1989, failure to deduct tax at source was not an offense but attracted a penalty. The omission of section 276B without a saving clause meant no prosecution could be initiated or continued under it. The judgment allowed the revision in favor of the applicants, clarifying the retrospective interpretation of the amended provisions of the Income-tax Act. Case-Laws Income Tax Tue, 26 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12218