TMI Blog2011 (1) TMI 420X X X X Extracts X X X X X X X X Extracts X X X X ..... e aforesaid view is supported by the amendment made by Finance Act, 2002 which has been made effective from 1.6.2002, whereby Section 271(1) itself has been amended and the Commissioner has been empowered to levy penalty. According to the learned counsel, it is only after 1.6.2002 that the CIT would have jurisdiction to order for initiating penalty proceedings while passing an order under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal are that the assessee filed his return on 14.12.1994 declaring an income of Rs.48,415/-. His assessment was framed under Section 143(3) of the Income Tax Act, 1961 (in short the Act ) vide order dated 18.4.1996 at a total income of Rs.10,20,023/- after making an addition of Rs.9,71,608/- on account of agricultural income. As the assessee failed to explain the agricultural income, enquiries we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal vide order dated 11.3.2005 set aside the order of the CIT holding that the CIT cannot direct the Assessing Officer to initiate penalty proceedings under Section 271(1)(c) as the same were not part of the assessment proceedings. Hence the present appeal by the revenue. 3. We have heard learned counsel for the parties. 4. Learned counsel for the assessee submitted that the issue raised i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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