https://www.taxtmi.com/caselaws?id=59761 The Tribunal deemed penalty orders for the assessment years 1958-59, 1960-61, and 1961-62 nullities due to the Inspecting Assistant Commissioner's lack of jurisdiction. The penalty order for 1959-60 was invalidated due to the absence of the assessee's opportunity to be heard. The principle of promissory estoppel couldn't validate penalties for the years lacking jurisdiction. Despite the omission of section 274(2) from 1-4-1976, the IAC retained penalty powers for 1959-60. Settlement terms between the assessee and Commissioner allowed for fresh penalties for 1958-59 and 1959-60. The Tribunal upheld the competence to levy fresh penalties after canceling earlier orders, emphasizing compliance with natural justice and settlement terms. en-us Tue, 20 Oct 1981 00:00:00 +0530 Sat, 01 Jan 2011 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59761 The Tribunal deemed penalty orders for the assessment years 1958-59, 1960-61, and 1961-62 nullities due to the Inspecting Assistant Commissioner's lack of jurisdiction. The penalty order for 1959-60 was invalidated due to the absence of the assessee's opportunity to be heard. The principle of promissory estoppel couldn't validate penalties for the years lacking jurisdiction. Despite the omission of section 274(2) from 1-4-1976, the IAC retained penalty powers for 1959-60. Settlement terms between the assessee and Commissioner allowed for fresh penalties for 1958-59 and 1959-60. The Tribunal upheld the competence to levy fresh penalties after canceling earlier orders, emphasizing compliance with natural justice and settlement terms. Case-Laws Income Tax Tue, 20 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59761