https://www.taxtmi.com/caselaws?id=24206 Where a penalty reference under section 274(2) of the Income-tax Act was made before that provision was omitted, the Inspecting Assistant Commissioner retained jurisdiction to complete the penalty proceedings under section 271(1)(c). Jurisdiction was treated as having vested when the concealment finding had already been recorded and the reference had been made before the amendment took effect, so the later omission of section 274(2) did not divest the authority of power to proceed. The legal position followed the court's earlier ruling on the same issue, and the answer was given in favour of the Revenue. en-us Wed, 18 Jan 1989 00:00:00 +0530 Mon, 18 Jan 2010 15:30:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24206 Where a penalty reference under section 274(2) of the Income-tax Act was made before that provision was omitted, the Inspecting Assistant Commissioner retained jurisdiction to complete the penalty proceedings under section 271(1)(c). Jurisdiction was treated as having vested when the concealment finding had already been recorded and the reference had been made before the amendment took effect, so the later omission of section 274(2) did not divest the authority of power to proceed. The legal position followed the court's earlier ruling on the same issue, and the answer was given in favour of the Revenue. Case-Laws Income Tax Wed, 18 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24206