https://www.taxtmi.com/caselaws?id=337040 The High Court upheld the department's position on the validity of initiating proceedings under sections 147/148 and eligibility for exemption under sections 54(1)/(2) of the Income Tax Act, 1961. It ruled in favor of the assessee on the imposition of penalty under section 271(1)(c) due to a bona fide mistake by the assessee. Additionally, the court favored the department on the validity of framing two separate assessments under sections 154 and 147 for the same income, stating that the assessment under section 147 prevails over that under section 154. en-us Thu, 01 Dec 2016 00:00:00 +0530 Mon, 02 Jan 2017 10:30:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337040 The High Court upheld the department's position on the validity of initiating proceedings under sections 147/148 and eligibility for exemption under sections 54(1)/(2) of the Income Tax Act, 1961. It ruled in favor of the assessee on the imposition of penalty under section 271(1)(c) due to a bona fide mistake by the assessee. Additionally, the court favored the department on the validity of framing two separate assessments under sections 154 and 147 for the same income, stating that the assessment under section 147 prevails over that under section 154. Case-Laws Income Tax Thu, 01 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337040