1987 (8) TMI 30

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....ction 256(1) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that since penalty proceedings were not initiated during the course of the regular assessment....

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..... The objection raised on behalf of the assessee that as the penalty proceedings were not initiated against the assessee in the course of regular assessment, the proceedings commenced by the Income-tax Officer were not valid, was not upheld by the Income-tax Officer who levied penalty under section 273(b) of the Act. Aggrieved by those orders, the assessee preferred appeals. The Appellate Assistan....