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1961 (2) TMI 1 - SC - Income TaxWhether on October 31, 1951, the Income-tax Officer, Warrangal Circle, had the power to impose a penalty under section 40(1) of the Hyderabad Income-tax Act in respect of the assessment for the year 1357 F. ? Held that:- Unable to agree with the High Court that because of the repeal of the Hyderabad Income-tax Act by the Finance Act, 1950, the power to impose a penalty in respect of the years preceding the date of repeal was lost. The High Court erred in holding that the proceedings for imposing the penalty could not be continued after the enactment of section 13(1) of the Finance Act, 1950. The appeal will, therefore, be allowed and the answer to question will be recorded in the affirmative. Appeal allowed.
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