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PENALTY U/S 271(1)(c)

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(Querist)
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.
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CA R N Mohil

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CA R N Mohil (Expert)
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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