2004 (1) TMI 7 - SUPREME COURT

Once the finding of concealment and subsequent levy of penalties under section 271(1)(c) of the Act has been struck down by the Tribunal, the Assessing Officer has no other alternative except to correct his order under section 154 of the Act as per the directions of the Tribunal - When the Tribunal has set aside the levy of penalty, the criminal proceedings against the appellants cannot survive for further consideration