https://www.taxtmi.com/caselaws?id=12990 Fresh penalty proceedings under section 271(1)(c) were not permissible for the same assessment year after earlier proceedings had been dropped on the basis of voluntary disclosure and that order had attained finality. The Court held that, once the competent authority had exercised its discretion and closed the original penalty matter on identical facts, the Revenue could not reopen the issue years later by initiating a second round of proceedings. The issue was answered in favour of the assessee and against the Revenue. en-us Thu, 09 Aug 2001 00:00:00 +0530 Mon, 25 May 2009 17:51:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12990 Fresh penalty proceedings under section 271(1)(c) were not permissible for the same assessment year after earlier proceedings had been dropped on the basis of voluntary disclosure and that order had attained finality. The Court held that, once the competent authority had exercised its discretion and closed the original penalty matter on identical facts, the Revenue could not reopen the issue years later by initiating a second round of proceedings. The issue was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Thu, 09 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12990