https://www.taxtmi.com/caselaws?id=25599 The court held that the Inspecting Assistant Commissioner lacked jurisdiction to levy the penalty after the omission of section 274(2) by the Taxation Laws (Amendment) Act, 1975. The judgment favored the assessee, ruling that the jurisdiction to impose penalties reverted to the Income-tax Officer. The court emphasized that the law applicable at the initiation of penalty proceedings determines the authority's competence. The deletion of section 274(2) was deemed retrospective and affected pending penalty proceedings, leading to the reversal of jurisdiction from the Inspecting Assistant Commissioner to the Income-tax Officer. en-us Wed, 26 Aug 1987 00:00:00 +0530 Fri, 29 Jan 2010 16:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25599 The court held that the Inspecting Assistant Commissioner lacked jurisdiction to levy the penalty after the omission of section 274(2) by the Taxation Laws (Amendment) Act, 1975. The judgment favored the assessee, ruling that the jurisdiction to impose penalties reverted to the Income-tax Officer. The court emphasized that the law applicable at the initiation of penalty proceedings determines the authority's competence. The deletion of section 274(2) was deemed retrospective and affected pending penalty proceedings, leading to the reversal of jurisdiction from the Inspecting Assistant Commissioner to the Income-tax Officer. Case-Laws Income Tax Wed, 26 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25599