https://www.taxtmi.com/caselaws?id=17777 The court upheld the validity of sub-section (3) of section 80L with retrospective effect from April 1, 1976, clarifying that the amendment did not violate any rights. Penalty proceedings under section 271(1)(c) were quashed as the petitioner had disclosed income honestly and lacked intent to conceal. The court emphasized the importance of assessing circumstances in penalty proceedings for fairness. en-us Thu, 18 Jul 1996 00:00:00 +0530 Thu, 24 Sep 2009 16:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17777 The court upheld the validity of sub-section (3) of section 80L with retrospective effect from April 1, 1976, clarifying that the amendment did not violate any rights. Penalty proceedings under section 271(1)(c) were quashed as the petitioner had disclosed income honestly and lacked intent to conceal. The court emphasized the importance of assessing circumstances in penalty proceedings for fairness. Case-Laws Income Tax Thu, 18 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17777