2019 (12) TMI 871

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....er: Mr. R. Sivaraman For Respondents: Mr. A.P. Srinivas ORDER The petitioner challenges order dated 11.06.2018 passed by the Principle Commissioner of Income Tax, proposing to initiate penalty in terms of Section 27(1)(c) of the Income Tax Act, 1961 (in short 'Act') in respect of assessment year 2009-10, by invocation of provisions of Section 263 of the Act. 2. Heard Mr.R.Sivaraman, learned c....

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.... Act call for the satisfaction of the Assessing Officer/Commissioner (Appeals)/ or Commissioner, recorded 'in the course of any proceeding under this Act' for the levy of penalty. Thus, while the Principle Commissioner or Commissioner could well initiate penalty under Section 271(1) of the Act if he proposed to effect modifications to the assessment itself, he cannot, in law substitute his satisfa....