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2017 (9) TMI 1579 - ITAT MUMBAIRevision u/s 263 - penalty proceedings u/s. 271(1)(c) - Held that:- We find similar issue has come up in the case of Dharmanandan Diamonds Pvt. Ltd v. ACIT [2017 (3) TMI 1567 - ITAT MUMBAI] and CIT v. Paramanand M Patel [2005 (7) TMI 72 - GUJARAT High Court] and in the case of CIT v. Subhash Kumar Jain [2010 (9) TMI 772 - Punjab and Haryana High Court] set aside the order of the Learned Commissioner of Income Tax passed u/s 263 of the Act in directing the Assessing Officer to initiate penalty proceedings u/s. 271(1)(c) of the Act. Where the Commissioner of Income Tax finds that the Assessing Officer had not initiated penalty proceedings u/s. 271(1)(c) in the Assessment Order he cannot direct the Assessing Officer to initiate penalty proceedings u/s. 271(1)(c) of the Act in exercising of revisional power u/s 263 of the Act. - Decided in favour of assessee.
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