https://www.taxtmi.com/caselaws?id=26960 The court held that there was no statutory minimum penalty imposable for the assessment year 1975-76 under the amended section 140A of the Income-tax Act, 1961. The court emphasized the distinction between the default under the old provision and the penalties under the amended provision, concluding that the amended penalties could not be applied retroactively. As a result, the court ruled in favor of the assessee, confirming the reduction of penalties imposed by the Income-tax Officer. en-us Mon, 20 Jan 1986 00:00:00 +0530 Tue, 09 Feb 2010 15:58:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26960 The court held that there was no statutory minimum penalty imposable for the assessment year 1975-76 under the amended section 140A of the Income-tax Act, 1961. The court emphasized the distinction between the default under the old provision and the penalties under the amended provision, concluding that the amended penalties could not be applied retroactively. As a result, the court ruled in favor of the assessee, confirming the reduction of penalties imposed by the Income-tax Officer. Case-Laws Income Tax Mon, 20 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26960