2002 PTD 1038

Case Laws / Head Notes / Paras

Concealment of income/Law applicable/Jurisdiction to levy penalty/Penalty proceedings pending before IAC on 31-3-1976/-Effect of omission of subsection (2) of S.274 with effect from 1/1976/-IAC competent to continue with proceedings and pass appropriate orders/-Tribunal not considering merits of case/Matter remanded/Indian Income Tax Act, 1961, Ss. 271(1)(c) & 274.The Income-tax Officer before completing the assessment on March 23, 1974, initiated proceedings for penalty under section 271(1)(c) of the Income-tax Act, 1961, and referred the matter to the Inspecting Assistant Commissioner for levy of penalty. The Inspecting Assistant Commissioner on August 29, 1979, imposed penalty. The assessee contended that in view of the Taxation laws (Amendment) Act 1975, omitting subsection (2) of ...