https://www.taxtmi.com/caselaws?id=63479 The Tribunal upheld the CIT's order under section 263, except for directing penalty proceedings under section 271(1)(c). It confirmed the disallowance of a Rs. 5 crore redemption fine, deeming it penal, not deductible. Various expenses were restored for re-examination by the AO due to errors in the initial assessment. The Tribunal found the CIT provided adequate opportunity to the assessee. It ruled that the CIT lacked authority to direct penalty proceedings, citing a Delhi High Court precedent. en-us Fri, 12 Jun 1998 00:00:00 +0530 Mon, 31 Jan 2011 11:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63479 The Tribunal upheld the CIT's order under section 263, except for directing penalty proceedings under section 271(1)(c). It confirmed the disallowance of a Rs. 5 crore redemption fine, deeming it penal, not deductible. Various expenses were restored for re-examination by the AO due to errors in the initial assessment. The Tribunal found the CIT provided adequate opportunity to the assessee. It ruled that the CIT lacked authority to direct penalty proceedings, citing a Delhi High Court precedent. Case-Laws Income Tax Fri, 12 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63479