https://www.taxtmi.com/caselaws?id=28951 The High Court of Madras ruled that the penalty order imposed on the assessee for furnishing a wrong estimate for advance tax payable was not barred by limitation under section 275 of the Income-tax Act, 1961. The Court held that the amended provision extending the time limit for penalty proceedings applied in this case, emphasizing that the amendment was procedural and did not confer any vested rights to the assessee. The Court rejected the argument of a vested right based on the completion date of the assessment, distinguishing between jurisdictional matters and procedural provisions. Ultimately, the Court favored the Revenue and awarded costs to the Revenue. en-us Wed, 14 Oct 1981 00:00:00 +0530 Mon, 08 Mar 2010 18:01:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28951 The High Court of Madras ruled that the penalty order imposed on the assessee for furnishing a wrong estimate for advance tax payable was not barred by limitation under section 275 of the Income-tax Act, 1961. The Court held that the amended provision extending the time limit for penalty proceedings applied in this case, emphasizing that the amendment was procedural and did not confer any vested rights to the assessee. The Court rejected the argument of a vested right based on the completion date of the assessment, distinguishing between jurisdictional matters and procedural provisions. Ultimately, the Court favored the Revenue and awarded costs to the Revenue. Case-Laws Income Tax Wed, 14 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28951