1978 (5) TMI 9

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....ribunal, Delhi Bench " A ", has referred the following question for our opinion: " Whether, on the facts and in the circumstances of the case, the orders of penalty passed by the IAC on 17-3-1973 were within time and within his jurisdiction having regard to the provisions contained in sections 274 and 275 of the Income-tax Act, 1961, and the amendments effected to those sections by the Taxation....

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....passed on March 17, 1973. On appeal, it was urged that as the assessment orders were passed on December 11, 1970, the penalty could be imposed only within a period of two years from the completion of the assessment in view of s. 275(2) of the Act as it stood before its amendment on April 1. 1971. The Tribunal rejected the contention that the penalty proceedings were time barred, on the view that a....

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....fine our answer to the question as to whether the IAC could pass the impugned penalty order in view of the amendment to s. 274(2). In I.T.R. No. 306 of 1974 (CIT v. Om Sons) decided by us today (since reported in [1979] 116 ITR 215), we have held that after the amendment to s. 274(2) of the Act, the ITO alone had jurisdiction to impose penalty in cases where the concealment or furnishing of inaccu....