https://www.taxtmi.com/caselaws?id=253491 The Tribunal ruled that penalty proceedings under Section 273 should be initiated during a 'regular assessment' and not during reassessment. The Court upheld this decision, emphasizing that penalties cannot be levied during reassessment proceedings, aligning with the definition of 'regular assessment' under Section 143 or Section 144. Therefore, in this case involving a reassessment, the penalty provisions of Section 273(2)(aa) were deemed inapplicable, resulting in the deletion of the penalty order in favor of the assessee. This case clarifies the importance of correctly timing penalty proceedings under Section 273 to ensure compliance with procedural requirements under the Income Tax Act. en-us Fri, 07 Nov 2014 00:00:00 +0530 Wed, 26 Nov 2014 06:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253491 The Tribunal ruled that penalty proceedings under Section 273 should be initiated during a 'regular assessment' and not during reassessment. The Court upheld this decision, emphasizing that penalties cannot be levied during reassessment proceedings, aligning with the definition of 'regular assessment' under Section 143 or Section 144. Therefore, in this case involving a reassessment, the penalty provisions of Section 273(2)(aa) were deemed inapplicable, resulting in the deletion of the penalty order in favor of the assessee. This case clarifies the importance of correctly timing penalty proceedings under Section 273 to ensure compliance with procedural requirements under the Income Tax Act. Case-Laws Income Tax Fri, 07 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253491