TMI Blog1978 (7) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... to the IAC of Income-tax for drawing up penalty proceedings. The concealed income was Rs. 10,000. With effect from 1st April, 1971, s. 274(2) of the I.T. Act, 1961 (hereinafter described as "the Act"), had been amended. The jurisdiction of the IAC to initiate penalty proceedings was confined to cases where the amount of concealed income was in excess of Rs. 25,000. It is thus evident that if the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The order was passed by him on 24th February, 1973. On both the dates, the IAC of Income-tax had no jurisdiction to entertain this case, as the amount of concealed income was only Rs. 10,000. The Tribunal accordingly quashed the levy of penalty, inter alia, on grounds which are in accordance with the decision of this court. We, therefore, answer the following referred question: "Whether, on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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