1981 (10) TMI 4

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....LASUBRAHMANYAN J.-These references relate to the quantification of the penalty levied under s. 271(1)(a) of the I.T. Act, 1961. This question is now governed by a statutory provision retrospectively brought into force with effect from the commencement of the I.T. Act, 1961. After the retrospective amendment, the penalty leviable under s. 271(1)(a) is to be on a certain percentage of the assessed t....

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....ovisional, and it is not covered either by Chap. XVII-B or by Chap. XVII-C as taxes deducted at source or taxes paid in advance. Hence, the Tribunal's view that the provisional tax should be deducted from the quantum of tax for calculating the penalty is not correct. However, the Tribunal, at the time when it rendered its decision, could not have anticipated the subsequent retrospective amendment ....