2017 (4) TMI 531 - SCH - Income Tax

Levy of penalty u/s 271 (1)(c) - Effect of amendment to clause 3 (iii) and Explanation 4 to section 271(1)(c) - Held that - HC order confirmed 2016 (10) TMI 779 - ALLAHABAD HIGH COURT . 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.