https://www.taxtmi.com/caselaws?id=5390 SC held that an Inspecting Assistant Commissioner (IAC) validly seized of jurisdiction under unamended s.274(2) prior to 1 April 1971 retained authority to impose penalty u/s 271(1)(c), notwithstanding the subsequent amendment raising the monetary threshold and altering the forum. The Court treated the choice of forum as a vested right accruing when proceedings were initiated, distinct from mere procedural regulation, and held that such right is not taken away absent clear legislative intent by express words or necessary implication. Consequently, the advisory opinion of the HC was set aside and the IAC's jurisdiction to levy penalty in the assessee's case was upheld. en-us Wed, 18 Nov 1992 00:00:00 +0530 Thu, 11 Dec 2025 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5390 SC held that an Inspecting Assistant Commissioner (IAC) validly seized of jurisdiction under unamended s.274(2) prior to 1 April 1971 retained authority to impose penalty u/s 271(1)(c), notwithstanding the subsequent amendment raising the monetary threshold and altering the forum. The Court treated the choice of forum as a vested right accruing when proceedings were initiated, distinct from mere procedural regulation, and held that such right is not taken away absent clear legislative intent by express words or necessary implication. Consequently, the advisory opinion of the HC was set aside and the IAC's jurisdiction to levy penalty in the assessee's case was upheld. Case-Laws Income Tax Wed, 18 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5390