Penalty u/s 272B is prospective & applicable from 01.06.2006

The provisions of Penalty levied u/s 272B of Income Tax Act, 1961 are prospective i.e. it is applicable from the date of insertion of sub-clause (iv) to section 139A(5B) of the Act i.e. 01.06.2006. Held: The assessee had filed e-TDS quarterly statement on 31.8.2005, in which PAN numbers of 19 deductees were found to be invalid and consequently the Assessing Officer levied penalty at Rs.1,19,000/- under section 272B of the Act. The said levy of penalty under section 272B of the Act was confirmed by the CIT (Appeals) as the assessee failed to bring on record evidence to establish its plea of re...