1997 (11) TMI 14

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..... yr. 1971-72. The Tribunal referred the following question of law under s. 256(1) of the IT Act for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the IAC had no jurisdiction to levy penalty under s. 271(1)(c) r/w s. 274(2) or the IT Act after 1st April, 1976 even though reference was made to him prior to 1st April, 1976, and thus .....

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..... iew of the intervening amendment made by the Taxation Laws (Amendment) Act, 1975. Against this order of the Tribunal, the Revenue has sought for and obtained the reference on the question of law stated supra. 3. During the pendency of the reference,, the first respondent was reputed to be dead and his legal representative was brought on record. Though the notice was served on the legal represent .....

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..... , that the IAC did not lose the jurisdiction to continue the proceedings pending before him on 31st March. 1976, and was entitled to continue with those proceedings and pass appropriate orders according to law. 5. Accordingly, following the said judgments, we are of the view that the Tribunal was not correct in holding that the IAC had no jurisdiction to levy the penalty under s. 271(1)(c) of th .....

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