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

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