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<h1>Inspecting Assistant Commissioner can impose penalty despite deletion of section 274(2) of Income-tax Act. Tribunal ruling reversed. New determination required.</h1> The High Court of Rajasthan held that the Inspecting Assistant Commissioner could impose a penalty on the assessee despite the deletion of section 274(2) ... Law Applicable To Concealment Penalty The High Court of Rajasthan ruled that the Inspecting Assistant Commissioner had the jurisdiction to impose a penalty on the assessee even after the deletion of section 274(2) of the Income-tax Act, 1961. The Tribunal's decision in favor of the assessee was overturned, and the case was remanded for a fresh decision.