1987 (8) TMI 20

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..... acts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty order passed under section 271 (1)(c) of the Income-tax Act, 1961, holding that the Inspecting Assistant Commissioner of Income-tax had no jurisdiction to levy the said penalty on May 25, 1978 ? " The relevant assessment year is 1973-74. The assessment was completed by the Income-tax Officer on a tota .....

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..... cision in CIT v. Shri Ram Prakash Saraf [1986] 160 ITR 860 (MP), the determining factor for deciding the Inspecting Assistant Commissioner's jurisdiction to impose penalty is the date of reference by the Income-tax Officer to the Inspecting Assistant Commissioner. In case such a reference was made by the Income-tax Officer prior to April 1, 1976, the Inspecting Assistant Commissioner has jurisdict .....

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