https://www.taxtmi.com/caselaws?id=21650 The High Court affirmed the Income-tax Officer's jurisdiction to impose a penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court held that the deletion of section 274(2) by the Taxation Laws (Amendment) Act, 1975, removed the Inspecting Assistant Commissioner's authority to impose penalties, empowering the Income-tax Officer instead. The Court clarified that the law at the time of the wrongful act determined the penalty amount, while procedural aspects followed the law in effect at the penalty imposition date. The decision favored the Revenue, upholding the penalty imposition by the Income-tax Officer. en-us Wed, 12 Feb 1992 00:00:00 +0530 Thu, 26 Nov 2009 13:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21650 The High Court affirmed the Income-tax Officer's jurisdiction to impose a penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court held that the deletion of section 274(2) by the Taxation Laws (Amendment) Act, 1975, removed the Inspecting Assistant Commissioner's authority to impose penalties, empowering the Income-tax Officer instead. The Court clarified that the law at the time of the wrongful act determined the penalty amount, while procedural aspects followed the law in effect at the penalty imposition date. The decision favored the Revenue, upholding the penalty imposition by the Income-tax Officer. Case-Laws Income Tax Wed, 12 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21650