Section 115 - Amendment of section 274 - Direct Tax Laws (Amendment) Act, 1987

115. Amendment of section 274. In section 274 of the Income-tax Act,- (a) after sub-section (1), the following sub-section shall be inserted, namely :- (2) No order imposing a penalty under this Chapter shall be made - (a) by the Income-tax Officer, where the penalty exceeds ten thousand rupees; (b) by the Assistant Commissioner, where the penalty exceeds twenty thousand rupees, except with the prior approval of the Deputy Commissioner. ; (b) for sub-section (3), the following sub-section shall be substituted, namely :-- (3) An income-tax authority on making an order under this Chapter imposing a penalty, unless he is himself the Assessing Officer, shall forthwith send a copy of such order to the Assessing Officer. .