1987 (8) TMI 47

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., at the instance of the Revenue was to answer the following question of law, namely: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the learned Inspecting Assistant Commissioner of Income-tax did not have the power after March 31, 1976, consequent to the deletion of section 274(2) of the Income-tax Act, 1961, with effect from April 1, 1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... penalty of Rs. 5,000 under section 271(1)(c) of the Act. The assessee contended that the Inspecting Assistant Commissioner had no jurisdiction to impose penalty by order dated September 15, 1977, passed subsequent to April 1, 1976, when sub-section (2) of section 274 had been deleted. This contention of the assessee was accepted by the Tribunal. Hence, this reference at the instance of the Rev....