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2023 (1) TMI 571 - ITAT MUMBAIRevision u/s 263 - PCIT has directed the AO to initiate penalty proceedings u/s. 271(1) (c) on disallowance u/s 37 (1) - HELD THAT:- Decisions relied upon by the PCIT are with respect to when the order dropping the penalty proceedings are passed by the learned assessing officer whether they are subject to revision u/s 263 of the act or not. This is not the issue before us, the issue before us is whether when the AO has failed to record any satisfaction about the concealment or furnishing of the particulars of income and fails to initiate penalty proceedings u/s 271 (1) (C) of the act, whether such an order can be revised u/s 263 of the income tax act. Therefore, those decisions do not apply to the facts of the case. No hesitation in holding that the CIT is not correct in assuming jurisdiction u/s 263 of the income tax act where the learned assessing officer has failed to initiate penalty proceedings and also does not record any satisfaction of furnishing of inaccurate particulars or concealment of income in the assessment order. Assessee appeal allowed.
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