https://www.taxtmi.com/caselaws?id=269265 Reassessment was held within limitation because the section 148 notice was served in September 1965, placing the relevant date in financial year 1965-66 and leaving the reassessment order passed on 18 March 1970 within four years from the end of that year. Penalty proceedings were held invalid because they were initiated and completed while the assessee's further appeal before the Tribunal against the assessment was still pending; the statutory bar prevented valid penalty action before the assessment attained finality. The reassessment was upheld, but the penalty order was declared premature, illegal and without jurisdiction. en-us Tue, 24 Nov 2015 00:00:00 +0530 Fri, 11 Dec 2015 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269265 Reassessment was held within limitation because the section 148 notice was served in September 1965, placing the relevant date in financial year 1965-66 and leaving the reassessment order passed on 18 March 1970 within four years from the end of that year. Penalty proceedings were held invalid because they were initiated and completed while the assessee's further appeal before the Tribunal against the assessment was still pending; the statutory bar prevented valid penalty action before the assessment attained finality. The reassessment was upheld, but the penalty order was declared premature, illegal and without jurisdiction. Case-Laws Income Tax Tue, 24 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269265