https://www.taxtmi.com/caselaws?id=27918 The court held that the Inspecting Assistant Commissioner (IAC) had no jurisdiction to levy a penalty under section 271(1)(c) of the Income Tax Act, 1961, as the concealed income was below the threshold of Rs. 25,000 required by the amended Section 274(2). The court emphasized that the IAC's jurisdiction is determined by the law in force at the time of the reference by the Income Tax Officer (ITO), which in this case did not meet the threshold. Consequently, the court ruled in favor of the assessee, canceling the penalty of Rs. 5,000, with no order as to costs. en-us Fri, 18 Nov 1983 00:00:00 +0530 Tue, 16 Feb 2010 17:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27918 The court held that the Inspecting Assistant Commissioner (IAC) had no jurisdiction to levy a penalty under section 271(1)(c) of the Income Tax Act, 1961, as the concealed income was below the threshold of Rs. 25,000 required by the amended Section 274(2). The court emphasized that the IAC's jurisdiction is determined by the law in force at the time of the reference by the Income Tax Officer (ITO), which in this case did not meet the threshold. Consequently, the court ruled in favor of the assessee, canceling the penalty of Rs. 5,000, with no order as to costs. Case-Laws Income Tax Fri, 18 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27918