1976 (8) TMI 56 - AT - Income Tax

Summary

The ITAT Cochin allowed the appeal of the Government pleader, cancelling the penalty imposed for concealment of income due to lack of jurisdiction by the ITO to impose the penalty. The concealment of income was established, but the ITO did not have the authority to levy the penalty as the minimum penalty exceeded Rs. 1,000, and the ITO's power to impose penalty was effective only from 1st April, 1971. The jurisdiction issue led to the cancellation of the penalty.