https://www.taxtmi.com/caselaws?id=25118 Penalty proceedings under section 273(b) were treated as valid where they were initiated in connection with revision of the assessment under section 155(1), because such proceedings were regarded as connected with the regular assessment for purposes of section 2(40). The fact that initiation did not occur during the original assessment proceedings did not, by itself, invalidate the penalty action. On that basis, the Tribunal was held not justified in treating the levy of penalty as bad in law, and the referred question was answered against the assessee. en-us Thu, 13 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 14:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25118 Penalty proceedings under section 273(b) were treated as valid where they were initiated in connection with revision of the assessment under section 155(1), because such proceedings were regarded as connected with the regular assessment for purposes of section 2(40). The fact that initiation did not occur during the original assessment proceedings did not, by itself, invalidate the penalty action. On that basis, the Tribunal was held not justified in treating the levy of penalty as bad in law, and the referred question was answered against the assessee. Case-Laws Income Tax Thu, 13 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25118