https://www.taxtmi.com/caselaws?id=20245 The court ruled in favor of the assessee, holding that penalties cannot be imposed during reassessment proceedings under section 273 of the Income-tax Act, 1961. The Appellate Assistant Commissioner's decision to quash the penalty was upheld by the Income-tax Appellate Tribunal, emphasizing that penalties can only be imposed in regular assessment proceedings under sections 143 or 144. The court agreed with the assessee's argument that the power to levy penalties is limited to regular assessment proceedings as defined in the Act, citing precedents from various High Courts. As a result, no penal action could be taken during reassessment proceedings, and the assessee was awarded costs of Rs. 400. en-us Thu, 09 Sep 1993 00:00:00 +0530 Thu, 12 Nov 2009 16:52:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20245 The court ruled in favor of the assessee, holding that penalties cannot be imposed during reassessment proceedings under section 273 of the Income-tax Act, 1961. The Appellate Assistant Commissioner's decision to quash the penalty was upheld by the Income-tax Appellate Tribunal, emphasizing that penalties can only be imposed in regular assessment proceedings under sections 143 or 144. The court agreed with the assessee's argument that the power to levy penalties is limited to regular assessment proceedings as defined in the Act, citing precedents from various High Courts. As a result, no penal action could be taken during reassessment proceedings, and the assessee was awarded costs of Rs. 400. Case-Laws Income Tax Thu, 09 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20245