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2016 (10) TMI 779 - HC - Income TaxLevy of penalty u/s 271 (1)(c) - Effect of amendment to clause 3 (iii) and Explanation 4 to section 271(1)(c) of the Income Tax Act by the Finance Act, 2002 - Prospective or retrospective amendment - Held that:- in view of the law laid down by the Apex Court in the case of Commissioner of Income Tax versus Gold Coin Health Food P.Ltd. [2008 (8) TMI 5 - SUPREME COURT] wherein the Apex Court has come to the conclusion that Explanation 4 to section 271(1)(c) of the Act is clarificatory and not substantive and would apply even to assessment year prior to April 1, 2003, the date on which the amendment was brought into force. Levy of penalty @100% confirmed as against @150% as levied by the AO - Decided partly in favor of revenue.
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