Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
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.
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TaxTMI 
TaxTMI 
of 4912 
