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2016 (10) TMI 216 - ITAT PUNERevision u/s 263 - as per Commissioner Assessing Officer has failed to initiate penalty proceedings under section 271(1)(c) of the Act on the addition of ₹ 2,20,72,000/- to the total income - Held that:- In the case Addl. CIT v. J.K. D'Costa [1981 (4) TMI 68 - DELHI High Court ] it has been held that if the Commissioner finds, while examining the records of an assessment order under section 263, that the Assessing Officer has not initiated penalty proceedings, he cannot direct initiation of penalty proceedings because penalty proceedings are not a part of assessment proceedings. The Commissioner cannot pass an order under section 263 pertaining to penalty. The direction of the Commissioner to initiate penalty proceedings under section 271(1)(c) of the Act while setting-aside the assessment requires to be cancelled. - Decided in favour of assessee
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