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2019 (8) TMI 51 - ITAT INDORERevision u/s 263 - AO not initiated Penalty u/s 271(1)(c) - HELD THAT:- As relying on INDIAN PHARMACEUTICALS [1978 (10) TMI 12 - MADHYA PRADESH HIGH COURT] A.O failed to initiate the penalty proceedings u/s 271(1)(c) towards the income concealed by the assessee. Therefore in our considered view Ld. PCIT was right in exercising the power conferred to him u/s 263 and setting aside the assessment order u/s 143(3) treating it as erroneous and prejudicial to the interest of revenue. Accordingly the grounds raised by the assessee are liable to be dismissed. - in the result appeal of the assessee is dismissed.
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