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1972 (4) TMI 8 - MADRAS HIGH COURTWhether, on the facts and in the circumstances of the case, the Inspecting Assistant Commissioner had jurisdiction to pass the order of penalty under section 271(1)(c) read with section 274(2) of the Income-tax Act, 1961 - Once penalty proceedings are validly initiated, the Inspecting Assistant Commissioner could validly continue these proceedings without giving or recording fresh satisfaction - it is not necessary for him to initiate fresh penalty proceedings after an independent satisfaction about the concealment
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