1997 (2) TMI 31

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....nstance of the Department, the Tribunal referred the following question, for the opinion of this court, under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as the "Act": "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Inspecting Assistant Commissioner had no jurisdiction to impose penalty under section 271(1)(c) o....

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....e imposed and after considering the reply by the assessee, imposed a penalty of Rs. 32,000 under section 271(1)(c) of the Act. The assessee appealed to the Appellate Tribunal, contending that sub-section (2) of section 274 of the Act providing for a reference to the Inspecting Assistant Commissioner having been omitted with effect from April 1, 1976, by the Taxation Laws (Amendment) Act, 1975, the....