TMI Blog1970 (7) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... Y J.- As directed under section 66(2) of the Indian Income-tax Act, 1922, the Income-tax Appellate Tribunal, Bombay, has referred to this court for its opinion the following question of law : " Whether for the concealment of income for the assessment year 1958-59 a penalty under section 271(1)(c) of the Income-tax Act 1961, could be validly imposed on the assessee ? " The material facts givin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2)(g) of the Income-tax Act, 1961, because the assessment was completed after that Act came into force on April 1, 1962. The Inspecting Assistant Commissioner served upon the assessee the necessary show cause notice, heard him at length and came to the conclusion that the provisions of section 271(1)(c) were attracted and levied on March 12, 1965, a penalty of Rs. 3,000. On appeal, the Appellate T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st day of March, 1962, or any earlier year, which is completed on or after the 1st day of April, 1962, may be initiated and any such penalty may be imposed under this Act ". We may mention here that the validity of this provision was challenged, and affirmed by the Supreme Court in Jain Brothers v. Union of India. The learned counsel for the assessee argued that this was not a fit case for imp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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