1973 (4) TMI 46

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..... mitted a statement of the case referring the following question to this court: "Whether, on the facts and in the circumstances of the case, the penalty levied under section 271(1)(a) of the Income-tax Act, 1961, could validly be reduced from Rs. 15,535 to Rs. 2,500 ?" The assessment year concerned is 1958-59. The assessee, a registered firm, was served with a notice under section 22(2) of the In .....

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..... on 271(1)(i), it could not be interfered with. The Tribunal held that the punishment for an offence must be in accordance with the law as was in force it the time of the commission of the offence which, in this case, was the Indian Income-tax Act, 1922, and therefore, the quantum of penalty must be determined in accordance with this Act. The Tribunal took into consideration what according to it we .....

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..... tinued but not exceeding in the aggregate 50% of the tax ?" The question is almost identical to the question which has been referred to us. Therefore, following the opinion given by this court, we answer the question referred to us in the negative. Since there is no appearance before us on behalf of the assessee, we make no order as to costs. Question answered in the negative.    < .....

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