1998 (10) TMI 6

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....g that there was concealment of income and that finding is not an issue before us. The Tribunal further proceeded to hold that the law applicable in the matter of levy of penalty is the law as on the date of return and not on the date of the initiation of the proceedings and, therefore, the penalty that was imposed by the Income-tax Officer is not correct, since he has acquired jurisdiction to imp....

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....1 ? (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the law applicable to the penalty proceedings for the purpose of jurisdiction of the authority to levy under section 271(1)(c) ?" The first question has to be answered in favour of the Revenue in the light of the decision in Varkey Chacko v. CIT [1993] 203 ITR 885, wherein it was ....