https://www.taxtmi.com/caselaws?id=27272 The court held that the Income-tax Officer (ITO) had jurisdiction to levy penalties for assessment years 1969-70 and 1970-71 under an amendment effective from April 1, 1971, allowing penalties for concealed income up to Rs. 25,000. The court rejected the assessee's argument that penalties should be governed by the law at the time of filing returns, emphasizing that the law at the time of initiating penalty proceedings determines the authority to levy penalties. The decision favored the Revenue, upholding the ITO's jurisdiction to levy penalties under the relevant amendment. en-us Fri, 24 Aug 1984 00:00:00 +0530 Thu, 11 Feb 2010 17:33:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27272 The court held that the Income-tax Officer (ITO) had jurisdiction to levy penalties for assessment years 1969-70 and 1970-71 under an amendment effective from April 1, 1971, allowing penalties for concealed income up to Rs. 25,000. The court rejected the assessee's argument that penalties should be governed by the law at the time of filing returns, emphasizing that the law at the time of initiating penalty proceedings determines the authority to levy penalties. The decision favored the Revenue, upholding the ITO's jurisdiction to levy penalties under the relevant amendment. Case-Laws Income Tax Fri, 24 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27272