9911796707
TMI Blog1978 (11) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 20,708 for the asst. yr. 1972-73. The assessment was completed on a total income of Rs. 47,199 and the ITO referred the matter to the IAC for imposition of penalty, since he had rejected the accounts of the assessee and made some additions to the trading account as well as income from other sources. The IAC after hearing the assessee imposed the penalty of Rs. 24,219 finding it to be the con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the opinion that the assessee is entitled to succeed. s. 274(2) as was in force from 1st April, 1971, provided that if the amount of income as determined by the ITO on assessment in respect of which the particulars have been concealed or inaccurate particulars have been furnished, exceeds a sum of twenty-five thousand rupees, the ITO shall refer the case to the IAC. We find from the assessment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en vested with proper jurisdiction in dealing with the matter in terms of that section. We, therefore, hold that the order of the IAC cannot be said to have been vested with proper jurisdiction in dealing with the matter in terms of that section. We, therefore, hold that the order of the IAC was without jurisdiction and must be cancelled. In the circumstances, we find it unnecessary to deal with t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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