https://www.taxtmi.com/caselaws?id=27836 The High Court held that the order of penalty imposed by the Inspecting Assistant Commissioner (IAC) under section 271(1)(c) of the Income Tax Act was invalid due to lack of jurisdiction. The Court ruled in favor of the assessee, stating that the IAC did not have the authority to levy the penalty as the concealed income did not exceed Rs. 25,000, making the reference to the IAC invalid. The Court did not address the limitation issue as it was deemed irrelevant after the jurisdiction matter was decided. Consequently, the penalty order was canceled in favor of the assessee. en-us Fri, 24 Feb 1984 00:00:00 +0530 Tue, 16 Feb 2010 13:21:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27836 The High Court held that the order of penalty imposed by the Inspecting Assistant Commissioner (IAC) under section 271(1)(c) of the Income Tax Act was invalid due to lack of jurisdiction. The Court ruled in favor of the assessee, stating that the IAC did not have the authority to levy the penalty as the concealed income did not exceed Rs. 25,000, making the reference to the IAC invalid. The Court did not address the limitation issue as it was deemed irrelevant after the jurisdiction matter was decided. Consequently, the penalty order was canceled in favor of the assessee. Case-Laws Income Tax Fri, 24 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27836