https://www.taxtmi.com/caselaws?id=36308 The High Court of Karnataka ruled that the Income-tax Officer had jurisdiction to impose penalties under section 271(1)(c) for the assessment years 1968-69 and 1969-70 post the amendment of section 274(2) by the Taxation Laws (Amendment) Act, 1970. The Court held that the authority's competence to levy penalties should be determined based on the date of penalty imposition rather than the date of concealment. This decision emphasizes adherence to the law at the time of penalty imposition for consistency and clarity in penalty enforcement under the Income Tax Act. en-us Thu, 17 Apr 1980 00:00:00 +0530 Sat, 20 Mar 2010 14:50:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36308 The High Court of Karnataka ruled that the Income-tax Officer had jurisdiction to impose penalties under section 271(1)(c) for the assessment years 1968-69 and 1969-70 post the amendment of section 274(2) by the Taxation Laws (Amendment) Act, 1970. The Court held that the authority's competence to levy penalties should be determined based on the date of penalty imposition rather than the date of concealment. This decision emphasizes adherence to the law at the time of penalty imposition for consistency and clarity in penalty enforcement under the Income Tax Act. Case-Laws Income Tax Thu, 17 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36308