1981 (7) TMI 63

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....hich has been submitted to this court for its determination in this reference under s. 256(1) of the I.T. Act, 1961, which has been made by the Income-tax Appellate Tribunal at the instance of the Commissioner of Income-tax is: " Whether, on the facts and in the circumstances of the case, for the assessment years 1950-51 to 1955-56, penalty could be validly levied on the assessee under section ....

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....ndia [1970] 77 ITR 107 (SC), the respondents conceded that where the assessments had been completed after April 1, 1962, which is also the case here, penalty can be imposed under s. 271 of the I.T. Act, 1961, in respect of the assessment years ending prior to the commencement of the 1961 Act. The Supreme Court gave its judgment accordingly and reversed the judgment of the Mysore High Court. In ....