https://www.taxtmi.com/caselaws?id=39204 The Appellate Tribunal justified the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961 based on limitation, holding that the amendment to section 275 did not extend the period of limitation for penalty proceedings initiated before April 1, 1971. The penalty imposed by the Inspecting Assistant Commissioner was deemed invalid as it exceeded jurisdiction due to concealment being below the prescribed amount. The High Court upheld the Tribunal's decision, rejecting the assessee's argument on limitation and emphasizing the new scheme of limitation effective from April 1, 1971. Conflicting decisions between High Courts were addressed, with the Court ruling against the assessee and directing the Tribunal accordingly. en-us Mon, 05 Apr 1976 00:00:00 +0530 Tue, 13 Apr 2010 17:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39204 The Appellate Tribunal justified the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961 based on limitation, holding that the amendment to section 275 did not extend the period of limitation for penalty proceedings initiated before April 1, 1971. The penalty imposed by the Inspecting Assistant Commissioner was deemed invalid as it exceeded jurisdiction due to concealment being below the prescribed amount. The High Court upheld the Tribunal's decision, rejecting the assessee's argument on limitation and emphasizing the new scheme of limitation effective from April 1, 1971. Conflicting decisions between High Courts were addressed, with the Court ruling against the assessee and directing the Tribunal accordingly. Case-Laws Income Tax Mon, 05 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39204