Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The ITAT quashed a revision order under s263 issued by the PCIT directing initiation of penalty proceedings under s270A for under-reported income. Following Chennai Metro Rail Ltd., the Tribunal held that the PCIT cannot invoke s263 without the AO first recording a finding regarding under-reporting of income under s270A(2). While the AO had initiated penalties under s271B and s271F, no determination of under-reported income was made. The PCIT improperly substituted his judgment for the AO's discretion, as the AO had deliberately chosen not to initiate s270A proceedings. The revision order was therefore invalid and the assessee's appeal was allowed.
The ITAT quashed a revision order under s263 issued by the PCIT directing initiation of penalty proceedings under s270A for under-reported income. Following Chennai Metro Rail Ltd., the Tribunal held that the PCIT cannot invoke s263 without the AO first recording a finding regarding under-reporting of income under s270A(2). While the AO had initiated penalties under s271B and s271F, no determination of under-reported income was made. The PCIT improperly substituted his judgment for the AO's discretion, as the AO had deliberately chosen not to initiate s270A proceedings. The revision order was therefore invalid and the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
