1987 (8) TMI 20 - HC - Income Tax

Summary

The High Court of Rajasthan addressed a reference under section 256(1) of the Income-tax Act, 1961, regarding the jurisdiction of the Inspecting Assistant Commissioner to levy a penalty under section 271(1)(c). The Tribunal had canceled the penalty order, citing lack of jurisdiction due to a change in the law. The High Court held that the Tribunal should reconsider the matter based on the date of reference by the Income-tax Officer to the Inspecting Assistant Commissioner. The reference was answered in favor of the Revenue, directing the Tribunal to review the jurisdiction issue accordingly.