https://www.taxtmi.com/caselaws?id=8667 Penalty under section 271(1)(c) may be levied in valid reassessment proceedings for concealment committed in the original assessment, because reassessment is treated as part of the same integrated assessment process for the relevant year. The provision operates where the authority is satisfied, in the course of proceedings under the Act, that income was concealed or inaccurate particulars were furnished, and the fact that the concealment arose earlier does not bar penalty once reassessment is lawfully initiated. The earlier view denying penalty in reassessment for an original default was described as unsound, and the approved principle is that penalty may follow any ground available under the penalty provision for that assessment period. en-us Wed, 28 Jul 1971 00:00:00 +0530 Wed, 20 May 2009 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8667 Penalty under section 271(1)(c) may be levied in valid reassessment proceedings for concealment committed in the original assessment, because reassessment is treated as part of the same integrated assessment process for the relevant year. The provision operates where the authority is satisfied, in the course of proceedings under the Act, that income was concealed or inaccurate particulars were furnished, and the fact that the concealment arose earlier does not bar penalty once reassessment is lawfully initiated. The earlier view denying penalty in reassessment for an original default was described as unsound, and the approved principle is that penalty may follow any ground available under the penalty provision for that assessment period. Case-Laws Income Tax Wed, 28 Jul 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8667