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2015 (11) TMI 1453 - SUPREME COURT

2015 (11) TMI 1453 - SUPREME COURT - [2015] 379 ITR 521 (SC) - Penalty proceeding under Section 271D - whether penalty proceeding is independent of the assessment proceeding? - Held that:- Penalty order was passed before the appeal of the assessee against the original assessment order was heard and allowed thereby setting aside the assessment order itself. It is in this backdrop, a question has arisen as to whether the penalty order, which was passed on the basis of original assessment order and .....

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ove, insofar as, fresh assessment order is concerned, there was no satisfaction recorded regarding penalty proceeding under Section 271E of the Act, though in that order the Assessing Officer wanted penalty proceeding to be initiated under Section 271(1)(c) of the Act. Thus, insofar as penalty under Section 271E is concerned, it was without any satisfaction and, therefore, no such penalty could be levied. - Decided in favour of assesee - Civil Appeal No. 1457 of 2008, Civil Appeal No. 3614 of 20 .....

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ndependent of the assessment proceeding and this question arises for consideration in respect of Assessment Years 1991-1992 and 1992-1993 under the following circumstances: In respect of Assessment Year 1992-1993, assessment order was passed on 26.02.1996 on the basis of CIB information informing the Department that the assessee is engaged in large scale purchase and sale of wheat, but it is not filing income tax return. Ex-parte proceedings were initiated, which resulted in the aforesaid order, .....

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