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2015 (12) TMI 979 - HC - Income TaxRevision u/s 263 - ITAT cancelling the order u/s 263 by holding that the order passed by the Assessing Officer is not erroneous and prejudicial to the interest of revenue where the Assessing Officer had failed to initiate penalty proceedings while completing assessment under Section 153A - Held that:- Initiation of proceedings under Section 263 of the Act was not justified and we uphold the order of the Tribunal cancelling the revisional order passed by the CIT as where the CIT finds that the Assessing Officer had not initiated penalty proceedings under Section 271(1)(c) of the Act in the assessment order, he cannot direct the Assessing Officer to initiate penalty proceedings under Section 271(1)(c) of the Act in exercise of revisional power under Section 263 of the Act. See Commissioner of Income Tax v. Subhash Kumar Jain (2010 (9) TMI 772 - Punjab and Haryana High Court) - Decided in favour of assessee
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