MEDIUM CLOTH EMPORIUM Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference made by the Tribunal at the instance of the assessee for answering the following questions:

(2.) WHETHER, on the facts and in the circumstances of the case the Inspecting Assistant Commissioner has jurisdiction to levy the penalty ?"

(3.) THE assessee submitted an application for making a reference to this court on the ground that in view of the ultimate order in the assessment proceedings passed by the Appellate Tribunal, the IAC will have no jurisdiction to impose the penalty as he will only have jurisdiction when the minimum penalty imposable exceeds Rs. 25,000 and it was also contended that the Explanation to Section 271(1)(c) will not be attracted and, therefore, the Tribunal has made this reference for answering these two questions.