TMI Blog1973 (4) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... ring 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 Indian Income-tax Act, 1922, on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rfered 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 were extenuating factors and reduced ..... X X X X Extracts X X X X X X X X Extracts X X X X
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