https://www.taxtmi.com/caselaws?id=26327 The case involved a dispute over the competency of the Inspecting Assistant Commissioner to levy a penalty under the Income-tax Act, 1961. The Tribunal found that while the penalty was justified on merits due to gross negligence in reporting income, there was a legal flaw in the delayed imposition of the penalty beyond the statutory limit. Relying on a previous ruling, the court held that the Inspecting Assistant Commissioner had the authority to impose penalties despite procedural amendments. Consequently, the penalty imposed by the Commissioner was canceled, ruling in favor of the Revenue and against the assessee. en-us Thu, 28 Mar 1985 00:00:00 +0530 Thu, 04 Feb 2010 12:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26327 The case involved a dispute over the competency of the Inspecting Assistant Commissioner to levy a penalty under the Income-tax Act, 1961. The Tribunal found that while the penalty was justified on merits due to gross negligence in reporting income, there was a legal flaw in the delayed imposition of the penalty beyond the statutory limit. Relying on a previous ruling, the court held that the Inspecting Assistant Commissioner had the authority to impose penalties despite procedural amendments. Consequently, the penalty imposed by the Commissioner was canceled, ruling in favor of the Revenue and against the assessee. Case-Laws Income Tax Thu, 28 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26327