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TMI Blog1995 (11) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... K. SABHARWAL J.--During the course of assessment proceedings for the assessment year 1969-70, the Income-tax Officer examined the stock register produced by the assessee and found that there was discrepancy of 1,000 kgs. of aluminium. It was found that as on June 21, 1968, the quantity of aluminium in stock was shown at 3,147 kgs. as against the correct quantity of 4,147 kgs. The Income-tax Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ealment took place. The penalty order passed by the Income-tax Officer was held by the Tribunal to be without jurisdiction and was set aside. Under the aforesaid circumstances, at the instance of the Revenue, the following question has been referred to us for opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in setting aside the penalty order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under : "Notwithstanding anything contained in clause (iii) of sub-section (1) of section 271, if in a case falling under clause (c) of that sub-section, the amount of income (as determined by the Income-tax Officer 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 Income-tax Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s jurisdiction, is no longer res integra in view of the decision of the Supreme Court in Varkey Chacko v. CIT [1993] 203 ITR 885. The Supreme Court has held that the penalty proceedings can be initiated only after the assessment order has been made which finds such concealment or furnishing of inaccurate particulars. Who, at this point of time, has the authority to impose the penalty is what is re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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