High Court upholds jurisdiction of Inspecting Assistant Commissioner to impose penalty under Income-tax Act

The High Court held that the Inspecting Assistant Commissioner had jurisdiction to impose a penalty under section 271(1)(c) of the Income-tax Act, 1961. The decision favored the Revenue over the assessee, with no costs awarded.

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The High Court of Punjab and Haryana held that the Inspecting Assistant Commissioner of income-tax had jurisdiction to impose a penalty under section 271(1)(c) of the Income-tax Act, 1961. The decision was based on previous court rulings. The reference was answered in favor of the Revenue and against the assessee. No costs were awarded.

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