Rama Jois, J.—These two references have been made by the Income Tax Appellate Tribunal, Bangalore Bench, at the instance of the assessee and they have referred the following questions :

"1. Whether, on the facts and in the circumstances of the case and having regard to the amendments to the relevant provisions brought about by the Taxation Laws (Amendment) Act, 1975, the Tribunal was justified in concluding that the Inspecting Assistant Commissioner had jurisdiction to levy the impugned penalty ?

2. Whether the Tribunal was justified in coming to the conclusion that the order of penalty dated September 22, 1976, was not barred by limitation ?

3. Whether, on the facts and in the circumstances of the case, the upholding of the levy of penalty in a sum of Rs. 67,300 (Rs. 70,500 for 1970-71) by the Tribunal was justified although the Inspecting Assistant Commissioner had, while levying the penalty, taken into consideration the concealment as found both by the Income Tax Officer and by the Appellate Assistant Commissioner ?"

2. Briefly, the facts are as follows :

The assessee is the same in both these references ; the assessment years are 1969-70 and 1970-71. The Income Tax returns w