TMI BlogSection 11AC is a penal provision. Once it is held to be prospective in nature, it becomes effective...Section 11AC is a penal provision. Once it is held to be prospective in nature, it becomes effective only from the date it was brought into force i.e. 28-9-1996. Therefore, no penalty for the period prior to this date can be imposed under this provision. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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