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2010 (9) TMI 772 - HC - Income TaxRevision u/s 263 - Penalty - Addition - assessee made an offer to surrender Rs. 9,91,090 subject to no penal action under section 271(1)(c) - assessee had made surrender with a clear condition that no penal action under section 271(1)(c) of the Act would be initiated. The office note further depicts that the offer of the assessee was accepted by the Department since the Department had no documentary evidence against the assessee except the report of the Inspector - it is held that the initiation of proceedings under section 263 was not justified. The Tribunal was right in holding that after examining the records of the assessment in exercise of powers under section 263, where the Commissioner of Income-tax finds that the Assessing Officer had not initiated penalty proceedings, he cannot direct the Assessing Officer to initiate penalty proceedings under section 271(1)(c) of the Act - Decided in favour of the assessee
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