2002 (1) TMI 29

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.... has referred the following question for our opinion: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty order passed under section 271(1)(c) holding that the Inspecting Assistant Commissioner had no jurisdiction to levy the said penalty on March 20, 1978?" The relevant assessment year is 1972-73. The assessment was completed on ....

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....refore, of the view that the Inspecting Assistant Commissioner did not lose the jurisdiction to continue with the proceedings pending before him on March 31, 1976, by virtue of the deletion of sub-section (2) of section 274 by the Taxation Laws (Amendment) Act, 1975, with effect from April 1, 1976. He was entitled to continue with those proceedings and pass appropriate orders according to law." ....