https://www.taxtmi.com/caselaws?id=203846 The ITAT allowed the appeal, emphasizing the necessity for assessment to precede penalty proceedings and deleting the penalty imposed under section 158BFA due to the premature imposition before finalizing the assessment. The ITAT held that penalty proceedings must follow finalization of assessment, as per the Nawn Estates case, highlighting the sequential nature of assessment and penalty proceedings. The Assessing Officer was directed to take appropriate action in compliance with the law following the deletion of the penalty. en-us Tue, 12 Oct 2010 00:00:00 +0530 Fri, 20 Jan 2012 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203846 The ITAT allowed the appeal, emphasizing the necessity for assessment to precede penalty proceedings and deleting the penalty imposed under section 158BFA due to the premature imposition before finalizing the assessment. The ITAT held that penalty proceedings must follow finalization of assessment, as per the Nawn Estates case, highlighting the sequential nature of assessment and penalty proceedings. The Assessing Officer was directed to take appropriate action in compliance with the law following the deletion of the penalty. Case-Laws Income Tax Tue, 12 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203846