1987 (8) TMI 73

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....the instance of the Revenue to decide the following question of law : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Inspecting Assistant Commissioner had no jurisdiction to levy the impugned penalty under section 271(1)(c) ? " The relevant assessment year is 1972-73. The assessee is an individual. The Income-tax Officer comple....

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....of section 274 of the Act had been deleted with effect from April 1, 1976. Hence, this reference at the instance of the Revenue. We have already held in CIT v. Sri Niwas Rice and Oil Industries (D.B income-tax Reference No. 341 of 1980 decided on August 7, 1987-[1988] 169 ITR 253), following the decision in CIT v. Shri Ram Prakash Saraf [1986] 160 ITR 860(MP), that the question of the Inspectin....

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....hen sub-section (2) of section 274 of the Act was deleted, the Inspecting Assistant Commissioner would have jurisdiction to impose penalty, since the Inspecting Assistant Commissioner's jurisdiction was saved even after the deletion of subsection (2) of section 274 only in respect of the references made to the Inspecting Assistant Commissioner and pending with the Inspecting Assistant Commissioner....