https://www.taxtmi.com/caselaws?id=6772 A finding in assessment proceedings is not conclusive in penalty proceedings under section 28(1)(c) of the Income-tax Act, 1922, or the corresponding Excess Profits Tax provision. Res judicata or estoppel by record does not strictly apply to income-tax matters, because assessment determines taxable income while penalty proceedings address concealment or inaccurate particulars. An earlier assessment finding is strong prima facie material, but the Tribunal may reconsider it where fresh facts or circumstances justify a different view. The assessee may rely on material already on record as well as new evidence, though departure from the earlier finding should be made cautiously. en-us Wed, 03 Mar 1965 00:00:00 +0530 Mon, 02 Feb 2009 09:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6772 A finding in assessment proceedings is not conclusive in penalty proceedings under section 28(1)(c) of the Income-tax Act, 1922, or the corresponding Excess Profits Tax provision. Res judicata or estoppel by record does not strictly apply to income-tax matters, because assessment determines taxable income while penalty proceedings address concealment or inaccurate particulars. An earlier assessment finding is strong prima facie material, but the Tribunal may reconsider it where fresh facts or circumstances justify a different view. The assessee may rely on material already on record as well as new evidence, though departure from the earlier finding should be made cautiously. Case-Laws Income Tax Wed, 03 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6772