COMMISSIONER OF INCOME TAX Vs. SURENDRA MOHAN SETH

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal (Allahabad Bench) referred the following question to this court for its opinion :

(2.) THE only question for consideration is whether the Inspecting Assistant Commissioner was competent to levy penalty under Section 271(1)(c) on or after April 1, 1976, when the Taxation Laws (Amendment) Act, 1975, became operative.

(3.) IF the reference was made before April 1, 1976, when the Taxation Laws (Amendment) Act, 1975, came into force, then the Inspecting Assistant Commissioner would be competent to levy penalty even after April 1, 1976.