https://www.taxtmi.com/caselaws?id=64432 Penalty proceedings initiated during assessment were treated as valid and not terminated by a later order giving effect to appellate directions, with a subsequent notice regarded as redundant. Describing the default as both concealment of income and furnishing inaccurate particulars did not vitiate the penalty because the same non-disclosure of stock-related figures formed the basis of initiation and levy. The Tribunal also applied the principle that penalty is governed by the law and default in force when the return was filed, and rejected reliance on a later decision involving a different default. On the facts, the assessee failed to explain the discrepancy between returned and assessed income, so concealment was inferred and the penalty was sustained. en-us Wed, 07 Sep 1988 00:00:00 +0530 Mon, 07 Feb 2011 18:10:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64432 Penalty proceedings initiated during assessment were treated as valid and not terminated by a later order giving effect to appellate directions, with a subsequent notice regarded as redundant. Describing the default as both concealment of income and furnishing inaccurate particulars did not vitiate the penalty because the same non-disclosure of stock-related figures formed the basis of initiation and levy. The Tribunal also applied the principle that penalty is governed by the law and default in force when the return was filed, and rejected reliance on a later decision involving a different default. On the facts, the assessee failed to explain the discrepancy between returned and assessed income, so concealment was inferred and the penalty was sustained. Case-Laws Income Tax Wed, 07 Sep 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64432