TMI Blog1998 (7) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee should be penalised in anticipation of a likely violation. We are unable to appreciate this argument or subscribe to the same. The assessment year with which we are concerned is the assessment year 1986-87. The provisions of section 11(5) of the Income-tax Act were amended with retrospective effect from April 1, 1983, by the amending Act of 1991 and the time for disinvestment was ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. That question will be relevant for the years subsequent to March 31, 1993, and not for earlier years. It is well settled law that a person, who has complied with the law as it exists, cannot be penalised by reason of the amendment to the law effected subsequently, unless such intention is expressly stated and the imposition of such penalty is not contrary to any of the provisions of the Con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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