Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Stakeholder-list modification permits liquidators to update entries on new information, subject to notifying the Adjudicating Authority within prescri...
Section 263 revision cannot be invoked solely because the Assessing Officer did not initiate penalty proceedings under section 270A. Penalty proceedings are independent of assessment proceedings, so a failure to record an opinion on penalty liability does not make the assessment order erroneous and prejudicial to the interests of the Revenue. Revisional jurisdiction therefore cannot be used to direct initiation of penalty proceedings, including under a different penalty provision. The revision order was quashed and the assessee's appeal was allowed.
Section 263 revision cannot be invoked solely because the Assessing Officer did not initiate penalty proceedings under section 270A. Penalty proceedings are independent of assessment proceedings, so a failure to record an opinion on penalty liability does not make the assessment order erroneous and prejudicial to the interests of the Revenue. Revisional jurisdiction therefore cannot be used to direct initiation of penalty proceedings, including under a different penalty provision. The revision order was quashed and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
