1989 (1) TMI 71

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..... erms "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the Inspecting Assistant Commissioner of Income-tax had no jurisdiction to impose penalty of Rs. 11,000 on the assessee under section 271(1)(c) of the Income-tax Act, 1961 ?" The matter here arises in the context of the deletion of section 274(2) of the Income-tax Act, 1961 .....

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..... under section 271(1)(c) of the Act, imposing penalty of Rs. 11,000 for concealment of income, was, no doubt passed on March 28, 1978, on reference made by the Income-tax Officer, on July 2, 1977, but as the return had been filed on August 30, 1973, and the requisite satisfaction had been recorded by the Income-tax Officer before April 1, 1976 there can be no escape from the conclusion that the Ins .....

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