Satish Chandra, C.J.

1. FOR the assessment year 1970-71, the assessee filed his return on 26th February, 1971, showing an income of Rs. 1,20,992. The ITO, by an order dated 1st of March, 1972, completed the assessment at an income of Rs. 1,61,180. The ITO, finding that the quantum of concealed income exceeded Rs. 25,000, referred the matter to the IAC for drawing up penalty proceedings. The IAC called upon the assessee, heard him and held that the concealed income was Rs. 8,657 and so he levied a penalty of Rs. 9,000 by an order dated 4th of March, 1974.

2. AGGRIEVED, the assessee went up to the Tribunal in appeal. The Tribunal upheld the finding that there was concealment. It repelled the explanation furnished by the assessee. It further held that the IAC had jurisdiction to pass the order that he did even though the concealed income was held by him to be below Rs. 25,000. It repelled the submission of the assessee that the penalty order was barred by limitation. It was held that the amendments effected in Section 275 of the I. T. Act by the Amending Act of 1971 which came into force on 1st April, 1971, was retrospective and was applicable to the present proceedings. The as