1975 (9) TMI 30

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.... within a period of time allowed by the general notice under section 22(1) of the Indian Income-tax Act of 1922. It filed returns for the two assessment years, i.e., 1960-61 and 1961-62 on March 6, 1965, by which time the Income-tax Act, 1961, had come into force. For the failure of the assessee to file the return within the period contemplated by the public notice issued under section 22(1), the ....

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....Act. It is as against this order of the Tribunal that the assessee has obtained a reference of the following two questions : " (i) Whether, in the circumstances of the case, the levy of penalty for 1960-61 and 1961-62 under section 271(1)(a) of the Income-tax Act, 1961, is valid ? (ii) If the answer to the first question is in the affirmative, whether for fixing the amount of penalty the period ....

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....ht of the decision of the Supreme Court in Jain Brothers v. Union of India [1970] 77 ITR 107 (SC), there is no scope for acceptance of the submission that the penalty had to be levied under the Act of 1922. The first question has, therefore, to be answered in the affirmative and against the assessee. When once the penalty is to be levied under the Act of 1961 the consequences of the application o....