TMI Blog2013 (3) TMI 704X X X X Extracts X X X X X X X X Extracts X X X X ..... ance on Explanation 5 introduced to section 9 of the Act by the Finance Act, 2012 with retrospective effect from 1st June, 1976 - Held that:- The very fact that the law has been amended with retrospective effect clearly shows that the issue was debatable and in the absence of any failure to disclose material facts necessary for the purpose of assessment, the deletion of penalty levied under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (the Act) was levied upon the assessee on the ground that in the regular assessment, the deduction of the amount paid by the assessee to yahoo Holdings (Hong Kong) Ltd. without deducting tax at source has been disallowed by invoking the provisions of section 40(a) of the Act. The CIT(A) upheld the penalty imposed by the assessing officer. 3. The Tribunal deleted the penalty on the ground that i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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