https://www.taxtmi.com/caselaws?id=61088 The court held that the Inspecting Assistant Commissioner (IAC) was the competent authority to levy penalties exceeding Rs. 1,000 for returns filed before 1st April 1971, not the assessing officer. This decision was based on the interpretation of Section 274(2) of the Income Tax Act, 1961, emphasizing the law at the time of return filing. The judgment referenced various High Court decisions supporting this view and canceled the penalty imposed, ruling in favor of the appellant. en-us Thu, 20 Jul 1978 00:00:00 +0530 Mon, 10 Jan 2011 17:41:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61088 The court held that the Inspecting Assistant Commissioner (IAC) was the competent authority to levy penalties exceeding Rs. 1,000 for returns filed before 1st April 1971, not the assessing officer. This decision was based on the interpretation of Section 274(2) of the Income Tax Act, 1961, emphasizing the law at the time of return filing. The judgment referenced various High Court decisions supporting this view and canceled the penalty imposed, ruling in favor of the appellant. Case-Laws Income Tax Thu, 20 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61088