2006 (3) TMI 120

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.... whereby the total income was assessed at Rs. 1,29,74,262 including an amount of Rs. 27,17,994 which was the amount of refund of excise duty received in the year 1981. The addition made by the Inspecting Assistant Commissioner was upheld in the appeal. The application made by the applicants for change in the accounting period was allowed. It was alleged that the excise duty was not credited to its profit and loss account and this was done to avoid income-tax. Accordingly, penalty proceedings were initiated under section 271 (1) (c) of the Income-tax Act and on March 27, 1987, the order was passed imposing penalty to the tune of Rs. 89,08,882. Finally, the Commissioner of Income-tax by order dated March 28, 1990, set aside the penalty whi....

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....ll not be proceeded against for an offence under section 275A, section 276, section 276A, section 276B, section 276BB, section 276C, section 276CC, section 276D, section 277 or section 278 except with the previous sanction of the Chief Commissioner or Director General or Commissioner: Provided that no such sanction shall be required if the prosecution is at the instance of the Commissioner (Appeals) or the appropriate authority. Explanation.-For the purposes of this section 'appropriate authority' shall have the same meaning as in clause (c) of section 269UA". (1A) A person shall not be proceeded against for an offence under section 276C or section 277 in relation to the assessment for an assessment year in respect of which the pen....