https://www.taxtmi.com/caselaws?id=25117 The court ruled that penalty proceedings initiated under section 273(b) during the revision of assessment under section 155(1) of the Income-tax Act, 1961, are valid as they are considered part of the regular assessment proceedings. The court held that orders under section 155 amend the original assessment and are integral to the assessment process. Therefore, the Tribunal's decision deeming the penalty proceedings invalid was overturned, with the court finding in favor of the Revenue and directing each party to bear their own costs. en-us Fri, 17 Jul 1987 00:00:00 +0530 Mon, 25 Jan 2010 14:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25117 The court ruled that penalty proceedings initiated under section 273(b) during the revision of assessment under section 155(1) of the Income-tax Act, 1961, are valid as they are considered part of the regular assessment proceedings. The court held that orders under section 155 amend the original assessment and are integral to the assessment process. Therefore, the Tribunal's decision deeming the penalty proceedings invalid was overturned, with the court finding in favor of the Revenue and directing each party to bear their own costs. Case-Laws Income Tax Fri, 17 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25117