1987 (8) TMI 30

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..... red 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 proceedings but were initiated while revising the assessm .....

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..... 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 Assistant Commissioner upheld the contention urged on behalf of .....

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..... eedings in the instant case must be held to have been initiated during the course of proceedings in connection with the "regular assessment " within the meaning of that expression as defined by section 2(40) of the Act. In our opinion, therefore, the Tribunal was not justified in holding that the levy of penalty under section 273(b) of the Act was bad in law. Our answer to the question referred .....

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