https://www.taxtmi.com/caselaws?id=276427 A later amendment inserting a specific penalty provision was held not to apply to transactions completed before its insertion. The Court followed its earlier view that penal liability cannot be imposed retrospectively unless the statute clearly authorises such application. On that basis, the penalty was held unsustainable for the prior period, and the issue was decided in favour of the assessee and against the Revenue. en-us Wed, 10 Feb 2010 00:00:00 +0530 Sat, 10 Nov 2018 13:32:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276427 A later amendment inserting a specific penalty provision was held not to apply to transactions completed before its insertion. The Court followed its earlier view that penal liability cannot be imposed retrospectively unless the statute clearly authorises such application. On that basis, the penalty was held unsustainable for the prior period, and the issue was decided in favour of the assessee and against the Revenue. Case-Laws Central Excise Wed, 10 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276427