( 1 ) BECAUSE a common, question of law arises for consideration in these two cases they are disposed of by this common :judgment. The as lessees in these two cases are different persons. M/s. C. G. Bagalkoti and Sons, a registered film of Dharwar is the assessee in, i. T. R. C. No. 31 of 1974. In respect of assessment year 1965-66, the assessee filed a return on 31-7-1968. In the course of the said assessment proceedings, the Income-tax Officer felt satisfied that the assessee had concealed the particulars of certain income derived by it during the previous year in question, and therefore initiated proceedings under sec. 271 (1) (c) of the Income Tax Act, 1961, (hereinafter inferred to as the 'act' ). Since he was of the opinion that the minimum penalty imposable was more than rupees one thousand, he referred, the matter to the Inspecting Assistant Commissioner of Income Tax. After hearing the assessee, the Inspecting Assistant Commissioner was of the opinion that penalty was leviable in accordance with the provisions of the Act as amended by Finance Act 6f 1968 which came into force on 1-4-1968 and levied-a penalty of Rs. 6,000 by his order dt 18-11-1971. The as