https://www.taxtmi.com/caselaws?id=37010 The High Court of Gujarat ruled in favor of the revenue, determining that the Inspecting Assistant Commissioner had the authority to impose a penalty of Rs. 5,000 under section 274(2) of the Income-tax Act, 1961, post its amendment by the Taxation Laws (Amendment) Act, 1970. The Court held that the Inspecting Assistant Commissioner retained jurisdiction to apply the law prevailing at the initiation of the penalty proceedings, validating the penalty imposition and directing the assessee to bear the costs of the reference to the Commissioner. en-us Thu, 04 Aug 1977 00:00:00 +0530 Fri, 26 Mar 2010 10:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37010 The High Court of Gujarat ruled in favor of the revenue, determining that the Inspecting Assistant Commissioner had the authority to impose a penalty of Rs. 5,000 under section 274(2) of the Income-tax Act, 1961, post its amendment by the Taxation Laws (Amendment) Act, 1970. The Court held that the Inspecting Assistant Commissioner retained jurisdiction to apply the law prevailing at the initiation of the penalty proceedings, validating the penalty imposition and directing the assessee to bear the costs of the reference to the Commissioner. Case-Laws Income Tax Thu, 04 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37010