https://www.taxtmi.com/caselaws?id=39200 The Tribunal cancelled the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, as the Inspecting Assistant Commissioner lost jurisdiction post-amendment of section 274(2). The amendment raised the jurisdictional threshold from Rs. 1,000 to Rs. 25,000 for concealed income. The court held that the amendment applied retrospectively, impacting pending cases. As the Inspecting Assistant Commissioner had not finalized orders pre-amendment, he lost jurisdiction, leading to the cancellation of penalties. The assessee was awarded costs and a hearing fee of Rs. 100. en-us Fri, 05 Dec 1975 00:00:00 +0530 Tue, 13 Apr 2010 16:23:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39200 The Tribunal cancelled the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, as the Inspecting Assistant Commissioner lost jurisdiction post-amendment of section 274(2). The amendment raised the jurisdictional threshold from Rs. 1,000 to Rs. 25,000 for concealed income. The court held that the amendment applied retrospectively, impacting pending cases. As the Inspecting Assistant Commissioner had not finalized orders pre-amendment, he lost jurisdiction, leading to the cancellation of penalties. The assessee was awarded costs and a hearing fee of Rs. 100. Case-Laws Income Tax Fri, 05 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39200