1987 (8) TMI 47

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..... uestion of law, namely: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the learned Inspecting Assistant Commissioner of Income-tax did not have the power after March 31, 1976, consequent to the deletion of section 274(2) of the Income-tax Act, 1961, with effect from April 1, 1976, to levy penalty under section 271(1)(c) of the Act even in .....

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..... assessee contended that the Inspecting Assistant Commissioner had no jurisdiction to impose penalty by order dated September 15, 1977, passed subsequent to April 1, 1976, when sub-section (2) of section 274 had been deleted. This contention of the assessee was accepted by the Tribunal. Hence, this reference at the instance of the Revenue. Admittedly, the Inspecting Assistant Commissioner had com .....

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..... April 1, 1976. Consequently, the reference is answered in favour of the Revenue and against the assessee by holding that the Tribunal was not justified in taking the view that the Inspecting Assistant Commissioner had no jurisdiction to impose penalty after March 31, 1976, even in a case like the present one where the penalty proceedings were pending before the Inspecting Assistant Commissioner .....

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