1980 (7) TMI 20

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....fter called the Act, the Income-tax Appellate Tribunal, Indore Bench, has referred the following questions of law to this court for its opinion: " (i) Whether, on the facts and circumstances of the case, the Tribunal was correct in law in holding that the IAC had jurisdiction to levy penalty for the A.Y. 1970-71 after the amendment of section 18(3) by the Taxation Laws (Amendment) Act, 1975 ? ....

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....fore, initiated against the assessee and forwarded to the IAC as the amount of penalty exceeded a sum of Rs. 25,000 in each case. The IAC, after considering the material on record, imposed penalties amounting to Rs. 1,00,000 and Rs. 60,000, respectively, for the two years in question. Against that order, the assessee preferred an appeal before the Tribunal. It was contended on behalf of the assess....