1988 (11) TMI 51

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.... GOKAL CHAND MITAL J. -During the course of assessment for the year 1970-71, the Income-tax Officer added the cost of toria pledged by the assessee with the Shahukara Bank of the value of Rs. 15,360 as income of the assessee from undisclosed sources and proceedings for levy of penalty were initiated under section 271(1)(e) of the Income-tax Act, 1961 (for short "the Act"). The assessee remained u....

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....section 274(2) of the Act, the jurisdiction of the Income-tax Officer to levy penalty extended only up to Rs. 1,000 and, therefore, the order levying penalty exceeding Rs. 1,000 was without jurisdiction. In support of the argument that the crucial date to find out the law applicable would be the date of filing of return, reliance was placed on Continental Commercial Corporation v. ITO [1975] 100 I....

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....ction and in cancelling the penalty on that ground ?" The precise question before us has been considered by this court in CIT v. Raman Industries [1980] 121 ITR 405, CIT v. Mela Ram Jagdish Raj and Co. [1981] 132 ITR 897, Rattan Chand Krishan Lal v. CIT [1984] 148 ITR 597 and by a Full Bench of this court in CIT v. Mohinder Lal [1987] 168 ITR 101, and following the Supreme Court decision, it was h....