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of <h1>High Court validates penalty under Income-tax Act during assessment revision, overturns Tribunal decision.</h1> <h3>Commissioner Of Income-Tax Versus Prem Kumar Sethia</h3> The High Court of Madhya Pradesh upheld the validity of penalty proceedings under section 273(b) of the Income-tax Act during assessment revision under ... Advance Tax, Penalty The High Court of Madhya Pradesh held that penalty proceedings initiated under section 273(b) of the Income-tax Act during the revision of assessment under section 155(1) were valid. The Tribunal's decision was overturned, and the levy of penalty was deemed lawful. The court's answer to the question was in the negative, ruling against the assessee.
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