PENALTY U/S 271(1)(c)
This query is : Resolved
23 December 2008
one of my assessee surrendered Rs.4.00 lacs during assessment proceedings with subject to no penalty. I.T.O initiated penalty proceedings u/s 271(1)(c). Is I.T.O justified in initiating penalty proceedings.
23 December 2008
Assessment proceedings and panelty proceedings are separate proceedings under Income tax act.The ITO Can initiate panelty proceedings.
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