https://www.taxtmi.com/caselaws?id=771511 The SC/ITAT quashed the penalty imposed under Section 271AAA for Assessment Year 2005-06, finding the provision inapplicable retrospectively. The Tribunal held that since the section was introduced in 2007 and the assessment year predated its effective date, the penalty order was invalid. The case was remanded, with the assessee's arguments regarding personal circumstances and notice validity remaining unresolved. en-us Wed, 16 Apr 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771511 The SC/ITAT quashed the penalty imposed under Section 271AAA for Assessment Year 2005-06, finding the provision inapplicable retrospectively. The Tribunal held that since the section was introduced in 2007 and the assessment year predated its effective date, the penalty order was invalid. The case was remanded, with the assessee's arguments regarding personal circumstances and notice validity remaining unresolved. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771511