Section 263 cannot be invoked to correct section under which penalty is leviable

Harish Jain Vs PCIT (ITAT Jaipur) The limited issue before us that the ld. AO has mentioned in the assessment order that “Penalty u/s. 271(1)(c) of the Income Tax Act is initiated for concealment of income by way of issue of notice u/s. 274 r.w.s. 271(1)(c) of the Act. Penalty notice u/s. 274 r.w.s. 271(1)(c) of the Act issued accordingly. I am satisfied that the assessee has not included the income offered during the search in statement u/s. 132(4) hence penalty proceeding u/s. 271AAB(1A) is initiated. Penalty notice u/s. 274 r.w.s. 271AAB(1A) of the Act issued accordingly.” Against this ...