https://www.taxtmi.com/caselaws?id=17064 Penalty proceedings initiated and concluded before 1 April 1976 were not divested of jurisdiction by the amendment deleting section 274(2) of the Income-tax Act. The Inspecting Assistant Commissioner therefore retained authority to impose penalty under section 271(1)(c) in matters already pending before him. On that basis, the Tribunal was wrong to cancel the penalty for want of jurisdiction, and the cancellation was held unsustainable. The legal position followed the Supreme Court view that pending proceedings were unaffected by the deletion of section 274(2). en-us Wed, 14 Aug 1996 00:00:00 +0530 Tue, 15 Sep 2009 10:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17064 Penalty proceedings initiated and concluded before 1 April 1976 were not divested of jurisdiction by the amendment deleting section 274(2) of the Income-tax Act. The Inspecting Assistant Commissioner therefore retained authority to impose penalty under section 271(1)(c) in matters already pending before him. On that basis, the Tribunal was wrong to cancel the penalty for want of jurisdiction, and the cancellation was held unsustainable. The legal position followed the Supreme Court view that pending proceedings were unaffected by the deletion of section 274(2). Case-Laws Income Tax Wed, 14 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17064