https://www.taxtmi.com/caselaws?id=24584 Liability to additional tax under section 104 of the Income-tax Act, 1961 was governed by the law in force on the date of default. The default occurred on 1 April 1977 when the assessee failed to distribute the prescribed portion of distributable income within the required period, and section 104 as then in force attached additional tax liability. An amendment to sub-section (4) effective from 1 April 1978, excluding manufacturing companies, could not be applied retrospectively to a default already committed. The assessee therefore remained liable to additional tax, and the issue was answered against it. en-us Fri, 05 Aug 1988 00:00:00 +0530 Thu, 21 Jan 2010 10:33:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24584 Liability to additional tax under section 104 of the Income-tax Act, 1961 was governed by the law in force on the date of default. The default occurred on 1 April 1977 when the assessee failed to distribute the prescribed portion of distributable income within the required period, and section 104 as then in force attached additional tax liability. An amendment to sub-section (4) effective from 1 April 1978, excluding manufacturing companies, could not be applied retrospectively to a default already committed. The assessee therefore remained liable to additional tax, and the issue was answered against it. Case-Laws Income Tax Fri, 05 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24584