1997 (11) TMI 14 - HC - Income Tax

Summary

The High Court of Madras ruled that the Income Tax Appellate Tribunal was incorrect in holding that the Income Tax Appellate Commissioner had no jurisdiction to levy a penalty under section 271(1)(c) of the Income Tax Act after the Taxation Laws (Amendment) Act, 1975. The court held in favor of the Revenue, stating that the Commissioner retained jurisdiction to levy the penalty. The Tribunal was directed to reconsider the case on its merits.