https://www.taxtmi.com/caselaws?id=28602 The High Court held that the amendment in section 274(2) did not deprive the Income-tax Appellate Commissioner (IAC) of jurisdiction to proceed with penalty proceedings, even for cases where the concealed income was below a specified amount. Additionally, the amendment extended the time-limit for finalization of penalty proceedings. Consequently, the court ruled against the assessee on the first issue and in favor of the Department on the second issue, directing each party to bear their own costs. en-us Mon, 07 Jul 1980 00:00:00 +0530 Wed, 24 Feb 2010 11:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28602 The High Court held that the amendment in section 274(2) did not deprive the Income-tax Appellate Commissioner (IAC) of jurisdiction to proceed with penalty proceedings, even for cases where the concealed income was below a specified amount. Additionally, the amendment extended the time-limit for finalization of penalty proceedings. Consequently, the court ruled against the assessee on the first issue and in favor of the Department on the second issue, directing each party to bear their own costs. Case-Laws Income Tax Mon, 07 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28602