https://www.taxtmi.com/caselaws?id=27294 The court determined that the Inspecting Assistant Commissioner (IAC) retained jurisdiction to impose a penalty even after the amendment of Sections 274 and 275 of the Income-tax Act, 1961. The court held that the IAC's penalty imposition was valid, emphasizing that procedural changes do not affect substantive rights unless explicitly stated by the legislature. The decision favored the Revenue, confirming that the IAC had the authority to impose the penalty, contrary to the Tribunal's ruling. en-us Tue, 04 Sep 1984 00:00:00 +0530 Fri, 12 Feb 2010 10:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27294 The court determined that the Inspecting Assistant Commissioner (IAC) retained jurisdiction to impose a penalty even after the amendment of Sections 274 and 275 of the Income-tax Act, 1961. The court held that the IAC's penalty imposition was valid, emphasizing that procedural changes do not affect substantive rights unless explicitly stated by the legislature. The decision favored the Revenue, confirming that the IAC had the authority to impose the penalty, contrary to the Tribunal's ruling. Case-Laws Income Tax Tue, 04 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27294