High Court upholds Income Tax Commissioner's decision to set aside penalty proceedings for 2002-03 The High Court upheld the decision of the Commissioner of Income Tax to set aside the penalty proceedings under Section 263 for the assessment year ...
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High Court upholds Income Tax Commissioner's decision to set aside penalty proceedings for 2002-03
The High Court upheld the decision of the Commissioner of Income Tax to set aside the penalty proceedings under Section 263 for the assessment year 2002-03. The Court dismissed the respondent's appeal, ruling that there was no illegality in the Commissioner's action.
The appeal relates to the assessment year 2002-03. Initially, the respondent showed long term capital gain on shares but later surrendered the claim and requested no penalty under Section 271(1)(c) of the Income Tax Act, 1961. The request was accepted, penalty proceedings were dropped, but later set aside by the Commissioner of Income Tax under Section 263. The respondent appealed to the Income Tax Appellate Tribunal, which allowed the appeal. The High Court dismissed the appeal, stating that there was no illegality in setting aside the Commissioner's order.
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