https://www.taxtmi.com/caselaws?id=59742 The Tribunal reversed the penalties imposed on the appellant for assessment years 1996-97, 1997-98, and 1998-99 under Explanation 3 to section 18(1)(c). It held that the explanation, as it stood during those years, was intended for new assesses and not applicable to old assesses like the appellant, who had a history of regular tax compliance. The decision emphasized the importance of aligning legal interpretations with legislative intent and historical context to ensure fair treatment of taxpayers. en-us Thu, 08 Jul 2004 00:00:00 +0530 Fri, 31 Dec 2010 18:19:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59742 The Tribunal reversed the penalties imposed on the appellant for assessment years 1996-97, 1997-98, and 1998-99 under Explanation 3 to section 18(1)(c). It held that the explanation, as it stood during those years, was intended for new assesses and not applicable to old assesses like the appellant, who had a history of regular tax compliance. The decision emphasized the importance of aligning legal interpretations with legislative intent and historical context to ensure fair treatment of taxpayers. Case-Laws Income Tax Thu, 08 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59742