https://www.taxtmi.com/caselaws?id=69347 The Tribunal upheld the AAC's decision that the ITO lacked jurisdiction to impose penalties under section 274(2) of the IT Act, 1961 for assessment years 1966-67 and 1967-68. Relying on a ruling of the Madras High Court and emphasizing the law applicable at the time of concealment, the Tribunal dismissed the Revenue's appeals, affirming the AAC's order and denying penalties based on the amended provision. en-us Mon, 27 Sep 1982 00:00:00 +0530 Wed, 06 Apr 2011 13:03:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69347 The Tribunal upheld the AAC's decision that the ITO lacked jurisdiction to impose penalties under section 274(2) of the IT Act, 1961 for assessment years 1966-67 and 1967-68. Relying on a ruling of the Madras High Court and emphasizing the law applicable at the time of concealment, the Tribunal dismissed the Revenue's appeals, affirming the AAC's order and denying penalties based on the amended provision. Case-Laws Income Tax Mon, 27 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69347