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1983 (7) TMI 12
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....eferred to as " the Act"), by the Income-tax Appellate Tribunal, Patna Bench " B ", Patna, for opinion on the following question of law Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the quantum of penalty should have been calculated on the basis of the provisions of the Act in force prior to April 1. 1968 ? " The case relates to t....
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....ent of the case, penalty of Rs. 5,256 was levied under s. 271(1)(c) read with s.. 274(2) of the Act. The assessee filed an appeal to the Tribunal and submitted that a sum of Rs. 11,349 was endorsed by the assessee to a District Magistrate and the same was deposited in the Government account towards satisfaction of the shortages that had occurred from time to time. It was only Rs. 5,255 which wa....
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....o cl. (c) of s. 271(1). It, however, held that the quantum of penalty was excessive. The Tribunal accepted the submission of the assessee's representative that the quantum of penalty, in the instant case, should be calculated on the basis of the provisions of the Act in force prior to April 1, 1968, and not the amended law in force thereafter. On the facts and in the circumstances mentioned abo....