https://www.taxtmi.com/caselaws?id=26669 The High Court of Kerala ruled in favor of the assessee, affirming the Tribunal's decision to cancel penalties imposed under section 140A(3) both pre and post the amendment. The court emphasized the discretionary nature of penalty imposition power and noted conflicting views on the validity of the pre-amendment provision. The judgment, delivered by Judge P. C. Balakrishna Menon and Judge M. Fathima Beevi, held that penalties imposed post-April 1, 1976, under the amended provision were not applicable to the case, based on the amendment brought by the Taxation Laws (Amendment) Act, 1975. en-us Fri, 21 Feb 1986 00:00:00 +0530 Sat, 06 Feb 2010 16:25:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26669 The High Court of Kerala ruled in favor of the assessee, affirming the Tribunal's decision to cancel penalties imposed under section 140A(3) both pre and post the amendment. The court emphasized the discretionary nature of penalty imposition power and noted conflicting views on the validity of the pre-amendment provision. The judgment, delivered by Judge P. C. Balakrishna Menon and Judge M. Fathima Beevi, held that penalties imposed post-April 1, 1976, under the amended provision were not applicable to the case, based on the amendment brought by the Taxation Laws (Amendment) Act, 1975. Case-Laws Income Tax Fri, 21 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26669