1985 (5) TMI 30

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....on referred to us by the present reference under section 256(1) relating to the assessment year 1967-68 is as follows: "Whether, on the facts and in the circumstances of the case and on a true interpretation of sections 274(2) and 275, the Tribunal was right in upholding the orders of the Inspecting Assistant Commissioner? " Learned counsel for the assessee contended that, in fact, there wer....

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....what is the period after which the penalty order cannot be passed. Section 275 of the Act was amended by the Taxation Laws (Amendment) Act, 1970, with effect from April 1, 1971. The present reference relates to the assessment year 1967-68. However, the assessment was completed on January 29, 1972, after the amendment had been made. The limitation period for passing a penalty order was amended b....

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....e jurisdiction of the Income-tax Officer from Rs. 1,000 to Rs. 25,000. Such an amendment is substantive in nature. The present amendment fixing the limitation period for passing the penalty order is of a procedural nature. It gives a time in which the order is to be passed. If not passed (within that time), it cannot be passed later. This time can be varied from time to time and, if varied, the va....