9911796707
TMI Blog1987 (8) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961, at the instance of the Revenue is to decide the following question of law, namely: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty levied under section 271(1)(c) holding that the Inspecting Assistant Commissioner had no jurisdiction to levy the said penalty on March 23, 1978 ? " The relevant assessment year is 1973-74. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Inspecting Assistant Commissioner of the jurisdiction to levy the penalty after that date. The Tribunal has accepted this contention of the assessee and cancelled the Inspecting Assistant Commissioner's order imposing penalty. Hence, this reference at the instance of the Revenue. The effect of deletion of sub-section (2) of section 274 of the Income-tax Act, 1961, with effect from April 1, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the references made to the Inspecting Assistant Commissioner by the Income-tax Officer prior to April 1, 1976, which are saved and not those references which were made after April 1, 1976. The same view was taken in some other decisions of the Madhya Pradesh High Court referred to there-in and also rendered subsequently. No decision taking a contrary view has been cited before us. We do not find ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f show-cause notice given by the Inspecting Assistant Commissioner and March 23, 1978, as the date of the Inspecting Assistant Commissioner's order imposing penalty. Obviously, the Tribunal did not decide this point on the basis of the date of reference, which really is the determining factor for deciding the point. The Tribunal shall, therefore, decide the matter afresh on this basis. Consequent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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