1988 (12) TMI 81

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....by S. S. SODHI J. -The matter here pertains to the imposition of penalty under section 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), after the deletion of section 274(2) of the Act by the Taxation Laws (Amendment) Act, 1975, with effect from April 1, 1976. The facts, in so far as they are relevant here, are that on April 15, 1974, the Income-tax Officer finali....

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.... and in the circumstances of the case, the Tribunal was right in law in cancelling the order passed by the Inspecting Assistant Commissioner on December 15, 1979, levying penalty of Rs. 42,339 under section 271(1)(c) of the Income-tax Act on the ground that the Inspecting Assistant Commissioner could not levy such penalty after April 1, 1976 ? 2. Whether, on the facts and in the circumstances o....

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....rred the case to the Inspecting Assistant Commissioner for imposition of penalty. The Inspecting Assistant Commissioner imposed a penalty but the Tribunal cancelled it on the ground that both at the time when the penalty proceedings were referred to the Inspecting Assistant Commissioner and he assumed jurisdiction and also at the time when the order was passed, that is, February 25, 1978, he had n....