TMI Blog1980 (4) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... law for the opinion of this court: " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the Income-tax Officer had no jurisdiction to levy penalty u/s. 271(1)(c) for the assessment year 1968-69 notwithstanding the amendment of section 274(2) by the Taxation Laws (Amendment) Act, 1970, with effect from April 1, 1971 ? " The assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mended by the Taxation Laws (Amend.) Act, 1970, with effect from April 1, 1971. After this amendment, the ITOs were competent to impose penalties in all cases where the concealment of income did not exceed Rs. 25,000. They were required to refer only such cases of concealments of income where the amount concealed exceeded a sum of Rs. 25,000 to the IACs. After the amendment of sub-s. (2) of s. 274 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el appearing for the Commissioner, submitted that by the time the penalty notices were issued and the penalty was imposed, sub-s. (2) of s. 274 of the Act had already been amended and according to the amended provision the ITO was competent to impose the penalty in all cases where the concealment did not exceed Rs. 25,000. He, therefore, submitted that as in these cases the concealment was less th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the said case, the Madras High Court held that the authority competent to impose penalty as on the date of concealment alone was competent to impose penalty even after the amendment of sub-s. (2)of s. 274 of the Act. We are unable to agree with the contention urged for the assessee. The question of determining the quantum of penalty payable by an assessee with reference to the date of concealme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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