https://www.taxtmi.com/caselaws?id=37908 Section 154(1)(bb) of the Income-tax Act was held to apply to rectification of a penalty order, even though the underlying assessment year was 1963-64, because the provision had come into force before the rectification order was made. The Court treated section 154 as procedural in character and held that an amendment to procedural law is ordinarily retrospective, since no vested right exists in procedure. On that basis, the IAC was found to have jurisdiction to rectify the mistake apparent from the record under section 274(2). en-us Thu, 20 Jul 1978 00:00:00 +0530 Thu, 01 Apr 2010 16:51:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37908 Section 154(1)(bb) of the Income-tax Act was held to apply to rectification of a penalty order, even though the underlying assessment year was 1963-64, because the provision had come into force before the rectification order was made. The Court treated section 154 as procedural in character and held that an amendment to procedural law is ordinarily retrospective, since no vested right exists in procedure. On that basis, the IAC was found to have jurisdiction to rectify the mistake apparent from the record under section 274(2). Case-Laws Income Tax Thu, 20 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37908