https://www.taxtmi.com/caselaws?id=36589 The High Court of Allahabad ruled in favor of the assessee, holding that penalties under section 273(b) of the Income-tax Act, 1961 do not apply to assessments made under section 147(a) read with section 143(3). The Court interpreted "regular assessment" in section 273(b) to exclude assessments under section 147(a), emphasizing the need for statutory amendments to address any legislative gaps. The decision aligned with precedents from other High Courts and awarded costs and counsel fees to the assessee. en-us Mon, 07 Jul 1980 00:00:00 +0530 Tue, 23 Mar 2010 12:47:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36589 The High Court of Allahabad ruled in favor of the assessee, holding that penalties under section 273(b) of the Income-tax Act, 1961 do not apply to assessments made under section 147(a) read with section 143(3). The Court interpreted "regular assessment" in section 273(b) to exclude assessments under section 147(a), emphasizing the need for statutory amendments to address any legislative gaps. The decision aligned with precedents from other High Courts and awarded costs and counsel fees to the assessee. Case-Laws Income Tax Mon, 07 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36589