https://www.taxtmi.com/caselaws?id=28740 The court ruled in favor of the petitioner, holding that the Inspecting Assistant Commissioner (IAC) lost jurisdiction to impose a penalty after the amendment in s. 274(2) of the Income Tax Act. The court also deemed the petition challenging the IAC and Income-tax Appellate Tribunal orders as timely, considering the petitioner's genuine mistaken legal advice. Consequently, the court quashed the orders of the IAC and the Tribunal, allowing the petitioner's challenge and directing each party to bear their own costs. en-us Thu, 04 Feb 1982 00:00:00 +0530 Thu, 25 Feb 2010 12:59:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28740 The court ruled in favor of the petitioner, holding that the Inspecting Assistant Commissioner (IAC) lost jurisdiction to impose a penalty after the amendment in s. 274(2) of the Income Tax Act. The court also deemed the petition challenging the IAC and Income-tax Appellate Tribunal orders as timely, considering the petitioner's genuine mistaken legal advice. Consequently, the court quashed the orders of the IAC and the Tribunal, allowing the petitioner's challenge and directing each party to bear their own costs. Case-Laws Income Tax Thu, 04 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28740