1997 (2) TMI 32 - HC - Income Tax

Summary

The High Court of Madras ruled that the Inspecting Assistant Commissioner had jurisdiction to impose a penalty under section 271(1)(c) of the Income-tax Act, even after the amendment of section 274(2). The Tribunal's decision to cancel the penalty of Rs. 65,000 imposed for the assessment year 1972-73 was overturned, and the Tribunal was directed to reconsider the penalty appeal on its merits. The court answered the question in the negative and in favor of the Department.