1989 (1) TMI 71

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.... law referred for the opinion of this court is in the following terms "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the Inspecting Assistant Commissioner of Income-tax had no jurisdiction to impose penalty of Rs. 11,000 on the assessee under section 271(1)(c) of the Income-tax Act, 1961 ?" The matter here arises in the contex....

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....ent case, the order of the Inspecting Assistant Commissioner under section 271(1)(c) of the Act, imposing penalty of Rs. 11,000 for concealment of income, was, no doubt passed on March 28, 1978, on reference made by the Income-tax Officer, on July 2, 1977, but as the return had been filed on August 30, 1973, and the requisite satisfaction had been recorded by the Income-tax Officer before April 1,....