https://www.taxtmi.com/caselaws?id=18252 The amendment made by the Taxation Laws (Amendment) Act, 1975 withdrawing the Inspecting Assistant Commissioner's power to impose penalty was treated as prospective. For concealment proceedings relating to assessment year 1973-74, the authority competent under the unamended law retained jurisdiction to complete the penalty proceedings even though the final order was passed after 1 April 1976. The earlier view that jurisdiction had to continue until the date of the final order was disapproved in light of the later Supreme Court ruling, and the penalty order was held valid under section 271(1)(c) read with section 274 of the Income-tax Act, 1961. en-us Fri, 11 Aug 1995 00:00:00 +0530 Tue, 29 Sep 2009 16:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18252 The amendment made by the Taxation Laws (Amendment) Act, 1975 withdrawing the Inspecting Assistant Commissioner's power to impose penalty was treated as prospective. For concealment proceedings relating to assessment year 1973-74, the authority competent under the unamended law retained jurisdiction to complete the penalty proceedings even though the final order was passed after 1 April 1976. The earlier view that jurisdiction had to continue until the date of the final order was disapproved in light of the later Supreme Court ruling, and the penalty order was held valid under section 271(1)(c) read with section 274 of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 11 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18252