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1998 (1) TMI 432 - SUPREME COURTWhether penalty imposed under section 43 must be regarded as a fresh assessment and therefore, a penalty under section 43 can be imposed only within the period prescribed by section 18(8) of the said Act for the purposes of assessment? Held that:- Appeal dismissed. We find it difficult to accept the argument, for the power under section 43 can be invoked only in proceedings in appeal from an assessment order or otherwise in proceedings under the said Act. Necessarily, therefore, the imposition of the penalty is a part of such proceedings and cannot be regarded as a fresh assessment. In these circumstances, the limitations of time prescribed under section 18(8) for assessments would not apply to the imposition of penalty under section 43.
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