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.