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Concealment penalty of Rs. 30,800 challenged on grounds of jurisdiction, merit, and computation. Jurisdiction Issue: The jurisdiction issue revolved around the IAC's authority to levy the penalty post an amendment withdrawing such powers. The assessee contended that the penalty order was passed after the amendment, thus lacking jurisdiction. However, the Tribunal cited precedents from Punjab & Haryana High Courts, emphasizing the IAC's competence if the penalty proceedings were initiated before the amendment. The Tribunal upheld the IAC's jurisdiction based on the existing legal framework and relevant court decisions. Merits Issue: Regarding the merit of the penalty, the Tribunal considered the findings from assessment proceedings, Central Excise & Customs, and relevant court decisions. The Tribunal noted that the evidence supported the imposition of the penalty, emphasizing the need for the assessee to demonstrate a reasonable cause for the discrepancies. Citing precedents from Gujarat High Court and Punjab & Haryana High Court, the Tribunal concluded that the penalty was justifiable based on the available evidence and circumstances. Computation Issue: The computation of the penalty was challenged by the assessee, arguing for a reduction based on the law prevailing at the time of the wrongful act. Relying on a Supreme Court decision, the Tribunal directed the ITO to recalculate the penalty amount considering the law applicable when the act occurred. The Tribunal accepted the alternative submission of the assessee for a reduced penalty amount and instructed the ITO to recompute the penalty accordingly. The Tribunal partially allowed the assessee's appeal for statistical purposes. This detailed analysis of the judgment highlights the key issues of jurisdiction, merit, and computation raised by the assessee in challenging the concealment penalty, along with the Tribunal's reasoned decision on each aspect based on legal precedents and relevant court decisions.
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