https://www.taxtmi.com/caselaws?id=17832 The High Court of Madras held that the Income-tax Officer had jurisdiction to levy a penalty under section 271(1)(c) for the assessment year 1965-66. The Court ruled in favor of the Department, allowing the penalty of Rs. 10,000 to stand, citing the amended provision of section 274(2) of the Income-tax Act, 1961. The Court emphasized that penalties should be imposed based on the law applicable at the time of the offense and found the Tribunal's interpretation incorrect. The decision favored the Department, denying costs to either party and leaving room for the assessee to further contest the penalty. en-us Wed, 13 Mar 1996 00:00:00 +0530 Fri, 25 Sep 2009 11:23:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17832 The High Court of Madras held that the Income-tax Officer had jurisdiction to levy a penalty under section 271(1)(c) for the assessment year 1965-66. The Court ruled in favor of the Department, allowing the penalty of Rs. 10,000 to stand, citing the amended provision of section 274(2) of the Income-tax Act, 1961. The Court emphasized that penalties should be imposed based on the law applicable at the time of the offense and found the Tribunal's interpretation incorrect. The decision favored the Department, denying costs to either party and leaving room for the assessee to further contest the penalty. Case-Laws Income Tax Wed, 13 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17832