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TMI Blog2009 (9) TMI 164X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 99,500 to Rs. 2,337 for the assessment year 1989-90 whereas the relevant amendment made to this section came into effect with effect from October 1, 1991, only.” - It is not in dispute that Form No. 26A was filed on January 20, 1992 - Therefore, law which was applicable on the date when the form was filed would be applicable which in the present case is January 20, 1992. The proviso to sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been admitted, vide order dated December 10, 2002, on the following substantial question of law : "Whether, on the facts and in the circumstances of the case, the' Income-tax Appellate Tribunal was legally justified in upholding the decision of the Commissioner of Income-tax (Appeals) in reducing the penalty under section 272A (2)(c) from Rs. 99,500 to Rs. 2,337 for the assessment year 1989-90 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority imposed Rs. 99,500 as penalty treating the period of penalty by 995 days and Income-tax (Appeals), Meerut, partly allowed the appeal and reduced the penalty to Rs. 2,337, which order has been upheld by the Tribunal. 5. We have heard Sri A. N. Mahajan, learned counsel for the Revenue and Sri R. R. Agrawal, learned counsel for the respondent. 6. Sri Mahajan submits that the proviso t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v. CIT [1986] 157 ITR 330 (SC). Therefore, law which was applicable on the date when the form was filed would be applicable which in the present case is January 20, 1992. The proviso to sub-section (2) of section 272A of the Act was on the statute book having been inserted with effect from October 1, 1991. The maximum amount of penalty, therefore, cannot exceed the amount of tax deductible, i.e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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