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2011 (1) TMI 420 - HC - Income TaxPenalty u/s 271(1) - the assessee submitted that the issue raised in this appeal stands concluded by the decision of this Court in ITA No. 225 of 2003 (Commissioner of Income Tax-I, Ludhiana v. Shri Subhash Kumar Jain) decided on 10.9.2010. He further submitted that the aforesaid view is supported by the amendment made by Finance Act, 2002 which has been made effective from 1.6.2002, whereby Section 271(1) itself has been amended and the Commissioner has been empowered to levy penalty. According to the learned counsel, it is only after 1.6.2002 that the CIT would have jurisdiction to order for initiating penalty proceedings while passing an order under Section 263 of the Act whereas the present case is governed by the unamended provision of Section 271(1) of the Act.
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