2002 (1) TMI 29 - HC - Income Tax

Summary

High Court Rajasthan judgment: Tribunal justified in cancelling penalty order under section 271(1)(c) for assessment year 1972-73. Inspecting Assistant Commissioner had jurisdiction to levy penalty initiated before April 1, 1976, even after sub-section (2) of section 274 was deleted. Tribunal erred in holding no jurisdiction. Judgment in favor of Revenue, against assessee. (2002 (1) TMI 29 - Rajasthan High Court)