https://www.taxtmi.com/caselaws?id=38589 A retrospective amendment substituting "assessed tax" for "tax payable" in the penalty provision had to be applied as if always in force. On that basis, the assessee could not escape penalty merely because the tax ultimately payable was lower than the amount originally assessed and paid. The Tribunal was therefore incorrect in deleting the penalty, and the referred question was answered against the assessee and in favour of the Revenue. en-us Wed, 03 Nov 1976 00:00:00 +0530 Wed, 07 Apr 2010 13:53:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38589 A retrospective amendment substituting "assessed tax" for "tax payable" in the penalty provision had to be applied as if always in force. On that basis, the assessee could not escape penalty merely because the tax ultimately payable was lower than the amount originally assessed and paid. The Tribunal was therefore incorrect in deleting the penalty, and the referred question was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Wed, 03 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38589