https://www.taxtmi.com/caselaws?id=60789 The Tribunal upheld the penalty imposed by the IAC under section 271(1)(c) read with section 274 of the Income-tax Act, 1961, for the assessment year 1965-66. The penalty was deemed to be within the limitation period prescribed under section 275, and the IAC was considered the competent authority to levy the penalty based on the date of filing the return. The Tribunal emphasized that the penalty proceedings were initiated based on a fresh assessment, not a mere continuation of the original proceedings, thus validating the penalty imposition. en-us Mon, 26 Mar 1979 00:00:00 +0530 Sat, 08 Jan 2011 10:59:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60789 The Tribunal upheld the penalty imposed by the IAC under section 271(1)(c) read with section 274 of the Income-tax Act, 1961, for the assessment year 1965-66. The penalty was deemed to be within the limitation period prescribed under section 275, and the IAC was considered the competent authority to levy the penalty based on the date of filing the return. The Tribunal emphasized that the penalty proceedings were initiated based on a fresh assessment, not a mere continuation of the original proceedings, thus validating the penalty imposition. Case-Laws Income Tax Mon, 26 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60789