CIT Cannot Direct AO to Initiate Penalties u/s 271(1); AO's Independent Satisfaction Required in Proceedings.

CIT Cannot Direct AO to Initiate Penalties u/s 271(1); AO's Independent Satisfaction Required in Proceedings. https://www.taxtmi.com/highlights?id=66846 Revision u/s 263 by CIT - mistake of non-initiation or incorrect initiation of penalty - the inherent indication u/s 271(1) makes it clear that the Pr. CIT / CIT does not have any powers to direct either of the authorities, the AO or the appellate authority, to initiate and levy penalty. The section requires the AO or the appellate authority to be satisfied in the course of ‘any proceedings’. This means, any proceedings before either of the specified authority - AT en-us Wed, 30 Nov 2022 07:29:08 +0530 Wed, 30 Nov 2022 07:29:08 +0530 TaxTMI RSS Generator CIT Cannot Direct AO to Initiate Penalties u/s 271(1); AO's Independent Satisfaction Required in Proceedings. https://www.taxtmi.com/highlights?id=66846 Revision u/s 263 by CIT - mistake of non-initiation or incorrect initiation of penalty - the inherent indication u/s 271(1) makes it clear that the Pr. CIT / CIT does not have any powers to direct either of the authorities, the AO or the appellate authority, to initiate and levy penalty. The section requires the AO or the appellate authority to be satisfied in the course of ‘any proceedings’. This means, any proceedings before either of the specified authority - AT Highlights Income Tax Wed, 30 Nov 2022 07:29:08 +0530 https://www.taxtmi.com/highlights?id=66846