1992 (2) TMI 65

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....x Act, 1961, the Income-tax Appellate Tribunal has stated the case and referred the following question of law to this court : " Whether, on the facts and in the circumstances of the case and having regard to the provisions of section 274(2) as amended by the Taxation Laws (Amendment) Act, 1970, with effect from April 1, 1971, the Tribunal was right in law in holding that the Income-tax Officer ....

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....ded that, as the return of income was filed on October 3, 1968, and the minimum penalty imposable exceeded Rs, 1,000, and in view of the provisions of section 274 which existed at the time when the income-tax return was filed, the penalty could be levied only by the Inspecting Assistant Commissioner and not by the Income-tax Officer. The further plea which was taken was that the penalty could only....

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.... with a direction to decide the case with regard to the imposition of penalty on merits. At the instance of the assessee, the Tribunal then referred the aforesaid question of law to this court. It is not disputed that, with the amendment of section 274, if the difference between the total income assessed and the income returned is less than Rs. 25,000, then the jurisdiction to levy penalty i....