1978 (11) TMI 95 - AT - Income Tax

Summary

The appeal was against the imposition of penalty under section 271(1)(c) of the IT Act, 1961 by the IAC. The IAC imposed a penalty of Rs. 24,219 on the assessee for concealed income. The Tribunal found that the IAC did not have proper jurisdiction as the concealed income was only Rs. 24,219, below the threshold of Rs. 25,000 required for IAC referral. The appeal was allowed, and the IAC's order was cancelled.