https://www.taxtmi.com/caselaws?id=5515 The Supreme Court allowed the appeal, ruling in favor of the Revenue and against the assessee. The court held that the Inspecting Assistant Commissioner did not lose jurisdiction to impose penalties after the amendment to section 274(2) of the Income-tax Act, 1961. The court emphasized that pending actions were not affected by changes in the law unless expressly stated, and once a valid reference was made, jurisdiction was retained despite subsequent amendments. The decision aligned with the views of several High Courts and was supported by the General Clauses Act. en-us Wed, 03 Apr 1996 00:00:00 +0530 Fri, 28 Nov 2014 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5515 The Supreme Court allowed the appeal, ruling in favor of the Revenue and against the assessee. The court held that the Inspecting Assistant Commissioner did not lose jurisdiction to impose penalties after the amendment to section 274(2) of the Income-tax Act, 1961. The court emphasized that pending actions were not affected by changes in the law unless expressly stated, and once a valid reference was made, jurisdiction was retained despite subsequent amendments. The decision aligned with the views of several High Courts and was supported by the General Clauses Act. Case-Laws Income Tax Wed, 03 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5515