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2002 (1) TMI 29 - HC - Income TaxExtract: .......on of sub-section (2) of section 274 of the Act of 1961. Their Lordships held that if the penalty proceedings are initiated before the amendment the Inspecting Assistant Commissioner can pass the penalty order even after the amendment. In the result, we answer the question in the negative, that is, in favour of the Revenue and against the assessee.
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