2014 (1) TMI 1295

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....d the present appeal against the penalty levied by the Joint Director of Income-tax (Intelligence) u/s 272A(2)(c) of the Income-tax Act, 1961. A stay petition is also filed for seeking stay of recovery proceedings. 2. When the stay petition was taken up for hearing today no one appeared on behalf of the Branch Manager, Punjab National Bank. However, a request received from the Branch Manager fo....

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....In section 246A an appeal is provided under clause (o) against an order passed by a Deputy Commissioner or Deputy Director imposing penalty u/s 272A. In section 272A(3)(a) and 272A(3)(c), the word "Deputy" is omitted and "Joint" was incorporated by Finance (No.2) Act, 1998 with effect from 01-10-1998. Therefore, the penalty u/s 272A has to be levied by an officer not lower than a Joint Director or....