TMI Blog1987 (7) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... Nankoo Prasad, the assessee, filed a return declaring an income of Rs. 47,605. The Income-tax Officer, however, assessed the income at Rs. 83,708. On appeal, the Tribunal reduced the income to Rs. 54,111. On February 22, 1974, the Income-tax Officer initiated proceedings against the assessee under section 271(1)(c) of the Income-tax Act, 1961, hereinafter referred to as "the Act". The Income-tax Officer was of the opinion that the assessee had concealed the particulars of his income and had furnished inaccurate particulars of such income and consequently was liable to pay penalty. Since the amount of income alleged to have been concealed by the assessee exceeded Rs. 25,000, the Income-tax Officer referred the case to the Inspecting Assista ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt Commissioner levied penalty of Rs. 45,000 on the assessee. This order dated April 14, 1977, levying penalty by the Inspecting Assistant Commissioner was challenged in appeal before the Appellate Tribunal by the assessee. The Tribunal allowed the appeal and cancelled the penalty imposed on the assessee on the ground that the Inspecting Assistant Commissioner had no jurisdiction to levy penalty after April 1, 1976, in view of the amendment brought about in section 274 of the Income-tax Act. The Commissioner of Income-tax thereafter made an application under section 256(1) of the Act before the Tribunal. This application was allowed and the question mentioned above has been referred to us for our opinion. In the instant case, it is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order imposing penalty was passed by the Income-tax Officer in the year 1974-75. The jurisdiction to impose penalty in respect of concealment of income of less than Rs. 25,000 was taken away from the Inspecting Assistant Commissioner with effect from April 1, 1941. The case of the assessee in that case was that since the returns were filed prior to April 1, 1971, the amendment of section 274(2) of the Act which was in the nature of procedural provision had no bearing on the case of the assessee and it was that law which was applicable at the time when the original returns were filed which would apply to the facts of that case. According to him, consequently, since at that time the jurisdiction to impose penalty in sum exceeding Rs. 1,000 w ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
