https://www.taxtmi.com/caselaws?id=35988 The High Court of Punjab and Haryana ruled on the jurisdiction of the Inspecting Assistant Commissioner (IAC) to impose a penalty under section 271(1)(c) of the Income Tax Act. The court held that the IAC did not have jurisdiction to levy the penalty due to an amendment in section 274(2) of the Act, which limited the IAC's authority for concealed income below Rs. 25,000. The court emphasized that the amendment did not have retrospective effect and that jurisdiction is a vested right determined by the law at the case's initiation. The decision favored the revenue, concluding that the IAC lacked jurisdiction to impose the penalty. en-us Wed, 09 Apr 1980 00:00:00 +0530 Thu, 18 Mar 2010 17:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35988 The High Court of Punjab and Haryana ruled on the jurisdiction of the Inspecting Assistant Commissioner (IAC) to impose a penalty under section 271(1)(c) of the Income Tax Act. The court held that the IAC did not have jurisdiction to levy the penalty due to an amendment in section 274(2) of the Act, which limited the IAC's authority for concealed income below Rs. 25,000. The court emphasized that the amendment did not have retrospective effect and that jurisdiction is a vested right determined by the law at the case's initiation. The decision favored the revenue, concluding that the IAC lacked jurisdiction to impose the penalty. Case-Laws Income Tax Wed, 09 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35988