1996 (8) TMI 16

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....referred the following question for the opinion of this Court under s. 256(1) of the IT Act, 1961: "Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the IAC had no jurisdiction to impose the penalty under s. 271(1)(c) in this case and accordingly in cancelling the penalty of Rs. 26,404/51,553 for the asst. yrs. 1966-67/1971-72?" 2. Th....

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.... "Once the IAC was thus seized of the matter, he did not lose seizin thereof on account of the deletion of sub-s. (2) of s. 274 by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1st April, 1976. The IAC did not lose the jurisdiction to continue with the proceedings pending before him on 31st March, 1976. He was entitled to continue with those proceedings and pass appropriate orders according to l....