https://www.taxtmi.com/caselaws?id=61629 The Tribunal held that the Commissioner of Income Tax cannot direct the initiation of penalty proceedings under section 263(1) as penalty proceedings are independent of assessment proceedings. The failure to initiate penalty proceedings does not render the assessment order erroneous or prejudicial to the revenue. Therefore, the Tribunal set aside the CIT's order under section 263(1) and allowed the assessee's appeal. en-us Mon, 05 May 2003 00:00:00 +0530 Tue, 19 Jun 2012 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61629 The Tribunal held that the Commissioner of Income Tax cannot direct the initiation of penalty proceedings under section 263(1) as penalty proceedings are independent of assessment proceedings. The failure to initiate penalty proceedings does not render the assessment order erroneous or prejudicial to the revenue. Therefore, the Tribunal set aside the CIT's order under section 263(1) and allowed the assessee's appeal. Case-Laws Income Tax Mon, 05 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61629