https://www.taxtmi.com/caselaws?id=28166 The High Court held that the penalty proceedings were validly commenced under section 273(b) of the Income Tax Act, 1961, but directed a reassessment of the penalty amount based on the final assessed income. The Tribunal's decision to confirm the penalty amount despite a reduction in the assessed income was overturned, and the penalty was adjusted proportionately to the reduced income. Consequently, the court ruled in favor of the assessee on the correctness of the penalty amount, leading to a readjustment in accordance with the final assessed tax amount. No costs were awarded as both parties succeeded on different points. en-us Fri, 15 Apr 1983 00:00:00 +0530 Fri, 19 Feb 2010 13:46:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28166 The High Court held that the penalty proceedings were validly commenced under section 273(b) of the Income Tax Act, 1961, but directed a reassessment of the penalty amount based on the final assessed income. The Tribunal's decision to confirm the penalty amount despite a reduction in the assessed income was overturned, and the penalty was adjusted proportionately to the reduced income. Consequently, the court ruled in favor of the assessee on the correctness of the penalty amount, leading to a readjustment in accordance with the final assessed tax amount. No costs were awarded as both parties succeeded on different points. Case-Laws Income Tax Fri, 15 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28166