https://www.taxtmi.com/caselaws?id=64086 The Tribunal determined that the reassessment proceedings were invalid due to the issuance of a notice under section 148 beyond the statutory period, as mandated by section 149(3). Consequently, the penalty imposed under section 271(1)(c) lacked a valid foundation and was annulled. The appellant-assessees' appeals were allowed, resulting in the cancellation of the penalties. en-us Tue, 31 May 2005 00:00:00 +0530 Tue, 07 May 2024 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64086 The Tribunal determined that the reassessment proceedings were invalid due to the issuance of a notice under section 148 beyond the statutory period, as mandated by section 149(3). Consequently, the penalty imposed under section 271(1)(c) lacked a valid foundation and was annulled. The appellant-assessees' appeals were allowed, resulting in the cancellation of the penalties. Case-Laws Income Tax Tue, 31 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64086