1994 (4) TMI 111

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....4 and again to Rs. 3,50,000 on 15th Dec., 1984. The Assessing Officer noted that the advance tax paid at Rs. 2,27,500 fell short of 83-1/3% of the finally assessed tax amounting to Rs. 3,40,384. He issued a show cause notice to the assessee. In reply, the assessee submitted that the statement of advance tax submitted by the assessee under s. 209A was based on latest completed assessment for the asst. yr. 1983-84 and later on filed its revised estimate believed to be true based on the computation of income on the relevant dates. The assessee also challenged the legality of penalty notice issued by the Assessing Officer when it pointed out that penalty proceedings did not stand initiated in the assessment order. The Assessing Officer, however....

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....ving been properly served, the assessee could not be allowed to raise the objection that there was no initiation of penalty proceedings. The learned Departmental Representative invited our attention to para 4 of order of the CIT(A) and submitted that the learned CIT(A) had duly verified that the Assessing Officer had recorded a note in the order sheet for initiation of penalty proceedings. 5. We have heard learned representatives for both the parties and have also perused the relevant record including para 4 of the learned CIT(A). We notice that that the Assessing Officer did not record his satisfaction for initiation of penalty proceedings in the assessment order is not in dispute. The plea taken by the learned Departmental Representati....