1978 (7) TMI 86

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....IAC of Income-tax for drawing up penalty proceedings. The concealed income was Rs. 10,000. With effect from 1st April, 1971, s. 274(2) of the I.T. Act, 1961 (hereinafter described as "the Act"), had been amended. The jurisdiction of the IAC to initiate penalty proceedings was confined to cases where the amount of concealed income was in excess of Rs. 25,000. It is thus evident that if the amended ....