1976 (4) TMI 62

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....income in respect of asst. yr. 1968-69. The AAC found as a fact that there was concealment. but he held that the ITO had no jurisdiction to levy the penalty. So he cancelled the penalty order. The ITO appeals against that order. The cross objection by the assessee is about the fact and quantum of concealment. 2. We propose to deal only with a questions of law about the jurisdiction of the ITO b....

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....ffect that where the amount of income as determined by the ITO on assessment in respect of which the particulars have been concealed or inaccurate particulars have been furnished exceeds a sum of Rs. 25,000, the ITO shall refer the case to the IAC. The assessment in this case was completed after the said amendment came into force. The amount of income in respect of which the particulars have been ....

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....Court in 100 ITR 170 (Continental Commercial Corporation vs. ITO & Anr.). The answer is against the Department. In income-tax penalty matters the law with regard to jurisdiction of the Officer who should impose penalty is the law as on the date on which the return in which concealment took place was furnished. The decision of the Supreme Court in 77 ITR 107 (SC) (Jain Brothers & Ors. vs. Union of ....