https://www.taxtmi.com/caselaws?id=436670 The appeal by the revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal 'B' Bench, Kolkata for the assessment year 2011-12 was dismissed. The issue revolved around the application of the amended provision under Section 271AA of the Income Tax Act. The Tribunal held that the amended provisions were not retrospective and should be applied from A.Y. 2012-13 onwards. The penalty imposed under the amended provisions of Section 271AA was deemed unsustainable, and the Tribunal affirmed the decision of the Commissioner of Income Tax (Appeals) in favor of the assessee. en-us Tue, 14 Mar 2023 00:00:00 +0530 Mon, 17 Apr 2023 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436670 The appeal by the revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal 'B' Bench, Kolkata for the assessment year 2011-12 was dismissed. The issue revolved around the application of the amended provision under Section 271AA of the Income Tax Act. The Tribunal held that the amended provisions were not retrospective and should be applied from A.Y. 2012-13 onwards. The penalty imposed under the amended provisions of Section 271AA was deemed unsustainable, and the Tribunal affirmed the decision of the Commissioner of Income Tax (Appeals) in favor of the assessee. Case-Laws Income Tax Tue, 14 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436670