https://www.taxtmi.com/caselaws?id=39041 The court ruled in favor of the assessee, holding that penalties imposed under section 271(1)(a) for the assessment years 1966-67 and 1967-68 were time-barred. The court emphasized that the amendment to section 275, which extended the time limit for penalty proceedings, did not have retrospective effect. Therefore, the amended section 275 introduced on April 1, 1971, could not apply to penalty proceedings initiated for the mentioned assessment years. The court dismissed the revenue's argument and awarded costs to the assessee. en-us Fri, 26 Dec 1975 00:00:00 +0530 Mon, 12 Apr 2010 11:52:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39041 The court ruled in favor of the assessee, holding that penalties imposed under section 271(1)(a) for the assessment years 1966-67 and 1967-68 were time-barred. The court emphasized that the amendment to section 275, which extended the time limit for penalty proceedings, did not have retrospective effect. Therefore, the amended section 275 introduced on April 1, 1971, could not apply to penalty proceedings initiated for the mentioned assessment years. The court dismissed the revenue's argument and awarded costs to the assessee. Case-Laws Income Tax Fri, 26 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39041