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of <h1>Court upholds penalty under Income-tax Act despite amendment, reverses Tribunal decision, rules in favor of Department.</h1> <h3>Commissioner Of Income-Tax Versus Pilot Pen Company (India) Ltd.</h3> 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, 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, even after the amendment of section 274(2). The Tribunal's decision to cancel the penalty of Rs. 65,000 imposed for the assessment year 1972-73 was overturned, and the Tribunal was directed to reconsider the penalty appeal on its merits. The court answered the question in the negative and in favor of the Department.
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