https://www.taxtmi.com/caselaws?id=65718 Penalty reference under section 274(2) was invalid because the assessment order did not record concealment or furnishing of inaccurate particulars in respect of income exceeding the statutory threshold. The additions linked to concealment were below the limit, while the remaining additions were only expenditure disallowances and did not satisfy the condition for reference. As that prerequisite was not met, the Inspecting Assistant Commissioner lacked jurisdiction to impose the penalty, and cancellation of the penalty order was upheld. en-us Sat, 25 Nov 1978 00:00:00 +0530 Fri, 18 Feb 2011 14:43:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65718 Penalty reference under section 274(2) was invalid because the assessment order did not record concealment or furnishing of inaccurate particulars in respect of income exceeding the statutory threshold. The additions linked to concealment were below the limit, while the remaining additions were only expenditure disallowances and did not satisfy the condition for reference. As that prerequisite was not met, the Inspecting Assistant Commissioner lacked jurisdiction to impose the penalty, and cancellation of the penalty order was upheld. Case-Laws Income Tax Sat, 25 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65718