https://www.taxtmi.com/caselaws?id=24839 Jurisdiction of the Inspecting Assistant Commissioner to impose penalty under section 274(2) of the Income-tax Act, 1961 depended on whether the reference had been made before 1 April 1976. A reference made after that date, after deletion of sub-section (2), was incompetent and could not confer penalty jurisdiction; however, a reference made before 1 April 1976 and still pending on that date was saved and remained valid. Because the reference here was made on 14 March 1972 and was pending on 1 April 1976, the authority had jurisdiction to levy penalty, and the Revenue succeeded. en-us Mon, 01 Aug 1988 00:00:00 +0530 Fri, 22 Jan 2010 16:48:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24839 Jurisdiction of the Inspecting Assistant Commissioner to impose penalty under section 274(2) of the Income-tax Act, 1961 depended on whether the reference had been made before 1 April 1976. A reference made after that date, after deletion of sub-section (2), was incompetent and could not confer penalty jurisdiction; however, a reference made before 1 April 1976 and still pending on that date was saved and remained valid. Because the reference here was made on 14 March 1972 and was pending on 1 April 1976, the authority had jurisdiction to levy penalty, and the Revenue succeeded. Case-Laws Income Tax Mon, 01 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24839