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<h1>Inspecting Assistant Commissioner Authorized to Levy Penalty Despite Amendment</h1> The High Court of Madras held that the Inspecting Assistant Commissioner had the authority to levy a penalty under section 271(1)(c) of the Income-tax ... Penalty, Concealment Of Income, Law Applicable The High Court of Madras ruled that the Inspecting Assistant Commissioner had jurisdiction to impose a penalty under section 271(1)(c) of the Income-tax Act, 1961, even after the amendment of section 274(2). The Tribunal was directed to decide the penalty appeal on its merits. The question referred was answered in the negative, favoring the Department.