TMI Blog1978 (7) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... e case, the Tribunal was justified in holding that s. 154(1)(bb) of the I.T. Act, 1961, which was inserted during the financial year 1964-65, could be applied for the assessment year 1963-64 and the IAC had jurisdiction under s. 154(1)(bb) to rectify the mistake in the penalty order dated March 4, 1970, for the assessment year 1963-64 ?" The assessment year is 1963-64. The IAC by his order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 1963-64 and, therefore, the IAC had no power to rectify the said mistake. The IAC rejected the argument and held that as s. 154(1)(bb) came into effect before the penalty order was passed he had jurisdiction to rectify the mistake and, accordingly, he rectified the aforesaid mistake. The Tribunal has dismissed the appeal filed by the assessee and has referred the aforesaid question to us at t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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