Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Penalty proceedings for underreporting are independent of assessment proceedings. Failure to initiate penalty proceedings under section 270A while completing a reassessment does not, by itself, make the assessment order erroneous or prejudicial to the interests of the Revenue for revisional purposes. Revisional jurisdiction was therefore held unjustified where it rested solely on that omission, and the revisional order was quashed. A contrary Tribunal decision relied upon by the Revenue was distinguished. The assessee's appeal succeeded.
Penalty proceedings for underreporting are independent of assessment proceedings. Failure to initiate penalty proceedings under section 270A while completing a reassessment does not, by itself, make the assessment order erroneous or prejudicial to the interests of the Revenue for revisional purposes. Revisional jurisdiction was therefore held unjustified where it rested solely on that omission, and the revisional order was quashed. A contrary Tribunal decision relied upon by the Revenue was distinguished. The assessee's appeal succeeded.
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