Bench: The Assessing Officer. What The High Court Has Done Is To Require The Assessing Officer To Pass A -2-
penalty proceedings initiated in this case u/s 271 C read with Section 274 of the Income Tax Act, 1961 are hereby dropped. According to the High Court, there was no basis indicated for dropping the proceedings. The Tribunal referred to certain aspects and held that the initiation of proceedings under Section 263