https://www.taxtmi.com/caselaws?id=70025 The Tribunal canceled the penalty imposed under section 271(1)(c) in the second round of penalty proceedings, emphasizing the binding nature of the order dropping the penalty in the first round. The Tribunal held that the Assessing Officer could not ignore the earlier order and concluded that the penalty order in the second round was invalid. The penalty of Rs. 3,26,312 was canceled, highlighting the significance of reconciliations and explanations provided by the assessee in the initial penalty proceedings. en-us Fri, 22 May 1992 00:00:00 +0530 Mon, 13 Jun 2011 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70025 The Tribunal canceled the penalty imposed under section 271(1)(c) in the second round of penalty proceedings, emphasizing the binding nature of the order dropping the penalty in the first round. The Tribunal held that the Assessing Officer could not ignore the earlier order and concluded that the penalty order in the second round was invalid. The penalty of Rs. 3,26,312 was canceled, highlighting the significance of reconciliations and explanations provided by the assessee in the initial penalty proceedings. Case-Laws Income Tax Fri, 22 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70025