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2005 (1) TMI 58 - HC - Income Tax"Whether the Tribunal was right in holding that CIT cannot revise under section 263 the order under section 271(1)(c) passed by the Income-tax Officer because he had dropped the penalty proceedings? Whether the Income-tax Appellate Tribunal was justified in holding that penalty under section 271(1)(c) to be passed as a result of the impugned order under section 263 will be barred by time?" – Held that Tribunal was justified in holding that the penalty order passed as a result of the order passed under section 263 of the Act would be barred by limitation. Therefore, we answer the first question referred to us in the affirmative, i.e., in favour of the Revenue and against the assessee. We answer the second question referred to us in the negative, i.e., in favour of the assessee and against the Revenue
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