1980 (4) TMI 10

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....essee is an HUF. The assessment year is 1964-65. The assessee filed the return of income on July 29, 1966, declaring income of Rs. 1,971. The assessment originally came to be made on March 17, 1969, whereby the total income was determined at Rs. 92,462. Penalty proceedings under s. 271(1)(c) of the I.T. Act (hereinafter referred to as " the Act ") were initiated at the time of completing the asses....

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.... were initiated at the time of completing the reassessment/fresh assessment proceedings and as the minimum penalty imposable exceeded Rs. 1,000, the matter was referred to the IAC. The IAC held that the Expln. to s. 271(1)(c) of the Act was applicable. He, therefore, levied a penalty of Rs. 5,000. The Tribunal, in appeal, held that the penalty under s. 271(1)(c) was exigible. The quantum of penalt....

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....the AAC and a fresh assessment was ordered. The penalty proceedings were dropped in view of the order of the AAC. On fresh assessment order having been passed and, ultimately, the Tribunal having come to the conclusion that there was concealment of income, the initiation of the penalty proceedings on the basis of the fresh assessment order cannot be held to be without jurisdiction. The provisions ....