https://www.taxtmi.com/caselaws?id=22310 The court ruled in favor of the Revenue, holding that the Tribunal erred in canceling the penalty prematurely under section 271(1)(c) of the Income-tax Act for the assessment years 1964-65, 1965-66, and 1966-67. The court emphasized that penalty proceedings should align with the assessment conclusions post-remittance to the Appellate Assistant Commissioner. The Tribunal's decision was deemed incorrect, and the court answered the questions in the negative, supporting the Revenue's position. The court highlighted the need for penalty considerations to be based on finalized assessment outcomes and awarded costs to the Revenue. en-us Tue, 18 Dec 1990 00:00:00 +0530 Wed, 09 Dec 2009 11:15:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22310 The court ruled in favor of the Revenue, holding that the Tribunal erred in canceling the penalty prematurely under section 271(1)(c) of the Income-tax Act for the assessment years 1964-65, 1965-66, and 1966-67. The court emphasized that penalty proceedings should align with the assessment conclusions post-remittance to the Appellate Assistant Commissioner. The Tribunal's decision was deemed incorrect, and the court answered the questions in the negative, supporting the Revenue's position. The court highlighted the need for penalty considerations to be based on finalized assessment outcomes and awarded costs to the Revenue. Case-Laws Income Tax Tue, 18 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22310