KOTHARI AND COMPANY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an appeal filed by the assessee under Section 260 A of the IT Act, 1961 (hereinafter for brevity called 'the Act'), against an order dt. 9th April, 2001, passed by Tribunal, Indore in ITA No. 111/ind/1996. This appeal was admitted for final hearing on following substantial question of law: Whether penalty under Section 271d which was brought on the statute book w. e. f. 1st April, 1989 could have been imposed on the assessee in respect of transactions taken place prior to 1st April, 1989 ?

(2.) FACTS of this appeal lie in a narrow compass. However, they need to be taken note of in brief coupled with the legal changes brought about in relevant sections applicable to the facts of this case.

(3.) THE appellant is an assessee under the IT Act and is being assessed as such. The dispute in this case relates to asst. yr. 1989-90 which corresponds to previous year ending on 31st March, 1989 i. e. , 1st April, 1988 to 31st March, 1989.