https://www.taxtmi.com/caselaws?id=15303 The Tribunal's decision to set aside the penalty order was based on the concept of promissory estoppel, as the Revenue had agreed not to initiate penalty proceedings. However, the court highlighted that the Tribunal failed to assess the merits of the assessee's case. The court emphasized that promissory estoppel applies to both private individuals and public authorities but clarified that estoppel cannot be invoked against a statute. The matter was remitted back to the Tribunal for a fresh evaluation of the assessee's explanation, emphasizing that penalty imposition is not automatic and depends on the acceptability of the explanation provided. en-us Mon, 03 Jan 2000 00:00:00 +0530 Tue, 04 Aug 2009 16:11:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15303 The Tribunal's decision to set aside the penalty order was based on the concept of promissory estoppel, as the Revenue had agreed not to initiate penalty proceedings. However, the court highlighted that the Tribunal failed to assess the merits of the assessee's case. The court emphasized that promissory estoppel applies to both private individuals and public authorities but clarified that estoppel cannot be invoked against a statute. The matter was remitted back to the Tribunal for a fresh evaluation of the assessee's explanation, emphasizing that penalty imposition is not automatic and depends on the acceptability of the explanation provided. Case-Laws Income Tax Mon, 03 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15303