https://www.taxtmi.com/caselaws?id=14811 The court held that the Inspecting Assistant Commissioner (IAC) lacked jurisdiction to impose a penalty under section 271(1)(c) of the Income-tax Act after the deletion of section 274(2). The court emphasized the significance of statutory provisions and the timing of amendments in determining the appropriate authority for penalty imposition. It affirmed the Tribunal's decision, highlighting the importance of adhering to legal procedures and safeguarding vested rights in tax matters. en-us Fri, 14 Jul 2000 00:00:00 +0530 Sat, 18 Jul 2009 17:32:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14811 The court held that the Inspecting Assistant Commissioner (IAC) lacked jurisdiction to impose a penalty under section 271(1)(c) of the Income-tax Act after the deletion of section 274(2). The court emphasized the significance of statutory provisions and the timing of amendments in determining the appropriate authority for penalty imposition. It affirmed the Tribunal's decision, highlighting the importance of adhering to legal procedures and safeguarding vested rights in tax matters. Case-Laws Income Tax Fri, 14 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14811