https://www.taxtmi.com/caselaws?id=37011 The High Court held that the Inspecting Assistant Commissioner (IAC) lacked jurisdiction to impose a penalty under sections 271(1)(c) and 274(2) of the Income-tax Act, 1961. The Court found that the IAC's decision was flawed due to a lack of clear findings on income concealment or furnishing inaccurate particulars by the assessee. Discrepancies between the Assessing Officer's decision and the IAC's penalty imposition were also noted, emphasizing the need for consistency in penalty proceedings. The High Court ruled in favor of the assessee, directing the Commissioner to bear the costs and holding that the IAC did not have the authority to levy the penalty. en-us Thu, 21 Sep 1978 00:00:00 +0530 Fri, 26 Mar 2010 10:16:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37011 The High Court held that the Inspecting Assistant Commissioner (IAC) lacked jurisdiction to impose a penalty under sections 271(1)(c) and 274(2) of the Income-tax Act, 1961. The Court found that the IAC's decision was flawed due to a lack of clear findings on income concealment or furnishing inaccurate particulars by the assessee. Discrepancies between the Assessing Officer's decision and the IAC's penalty imposition were also noted, emphasizing the need for consistency in penalty proceedings. The High Court ruled in favor of the assessee, directing the Commissioner to bear the costs and holding that the IAC did not have the authority to levy the penalty. Case-Laws Income Tax Thu, 21 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37011