https://www.taxtmi.com/caselaws?id=39433 The High Court held that the Tribunal was not justified in canceling the penalty without applying the Explanation to section 271(1)(c) of the Income-tax Act, 1961. The court emphasized the importance of the date of satisfaction for penalty imposition and clarified that the amended provision applied to penalty proceedings initiated after its enactment. The Tribunal's failure to consider the burden-shifting effect of the Explanation led to the decision being overturned. The court ruled against canceling the penalty and allowed the reference, with no costs awarded. en-us Thu, 13 Sep 1973 00:00:00 +0530 Fri, 16 Apr 2010 13:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39433 The High Court held that the Tribunal was not justified in canceling the penalty without applying the Explanation to section 271(1)(c) of the Income-tax Act, 1961. The court emphasized the importance of the date of satisfaction for penalty imposition and clarified that the amended provision applied to penalty proceedings initiated after its enactment. The Tribunal's failure to consider the burden-shifting effect of the Explanation led to the decision being overturned. The court ruled against canceling the penalty and allowed the reference, with no costs awarded. Case-Laws Income Tax Thu, 13 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39433