Levy of penalty - Assessment and penalty proceedings are distinct and separate. To our mind, when the...

Levy of penalty - Assessment and penalty proceedings are distinct and separate. To our mind, when the Ld. AO has dropped the penalty proceedings after due consideration of facts and circumstances of the case, the direction of the Ld. Pr. CIT to consider levying penalty under section 271(1)(c) afresh was not in order. - AT .....

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