1996 (8) TMI 16

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..... (1) of the IT Act, 1961: "Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the IAC had no jurisdiction to impose the penalty under s. 271(1)(c) in this case and accordingly in cancelling the penalty of Rs. 26,404/51,553 for the asst. yrs. 1966-67/1971-72?" 2. The point for consideration is whether the IAC had jurisdiction to impose pe .....

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..... of on account of the deletion of sub-s. (2) of s. 274 by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1st April, 1976. The IAC did not lose the jurisdiction to continue with the proceedings pending before him on 31st March, 1976. He was entitled to continue with those proceedings and pass appropriate orders according to law." 3. In the present case, the penalty had been levied on 27th March, .....

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