Law:

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Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Whether in view of decision of this court in case of CIT v. Om Sons [1979] 116 ITR 215, wherein it was held that Inspecting Assistant Commissioner must have jurisdiction not only on date he initiated penalty proceeding but also on date he passed final orders, Tribunal was correct in law in holding that IAC in instant case had no jurisdiction to pass order of penalty on date on which it was passed - Held, yes FACTS The Tribunal held that the IAC had no jurisdiction to pass order of penalty on date the on which it was passed on the assessee for alleged concealment of income. HELD The question was concluded in favour of the assessee by a decision of this court in CIT v. Om Sons [1979] 116 ITR 215 . In the said decision, it was held that the IAC must have jurisdiction not only on the date he initiated the penalty proceedings but also on the date he passed the final orders. Thought this view was opposed to the view taken by a majority of the High Court in the country, this court was bound by the said Bench decision. Hence, it was held that the Tribunal was correct in law in holding that the IAC had no jurisdiction to pass the order of penalty on the date on which it was passed. Note: The…

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