1976 (11) TMI 34 - HC - Income Tax

Summary

The court ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(a) of the Income-tax Act, 1961. The amendment of the relevant section to "assessed tax" instead of "tax payable" made the assessee entitled to a refund. The court considered the retrospective nature of the amendment and answered the question in the negative.