https://www.taxtmi.com/caselaws?id=787779 Whether penalty under section 271(1)(c) can be levied where tax liability was finally determined under the deeming provisions of the Minimum Alternate Tax is addressed: relying on the established position in precedent and an administrative circular, the circular clarifies that for years prior to the prospective amendment, penalties for additions/disallowances under the normal provisions are not attracted if MAT determination exceeds normal-tax liability; the substituted prospective explanation operates only from its effective date and does not alter the pre-amendment position, and penalties levied in such cases were deleted in favour of the assessee. en-us Fri, 13 Feb 2026 00:00:00 +0530 Thu, 12 Mar 2026 08:33:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787779 Whether penalty under section 271(1)(c) can be levied where tax liability was finally determined under the deeming provisions of the Minimum Alternate Tax is addressed: relying on the established position in precedent and an administrative circular, the circular clarifies that for years prior to the prospective amendment, penalties for additions/disallowances under the normal provisions are not attracted if MAT determination exceeds normal-tax liability; the substituted prospective explanation operates only from its effective date and does not alter the pre-amendment position, and penalties levied in such cases were deleted in favour of the assessee. Case-Laws Income Tax Fri, 13 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787779