https://www.taxtmi.com/caselaws?id=69570 The Tribunal upheld the CIT's order invoking section 263, setting aside the AO's decision to drop penalty proceedings, and directed the AO to pass a fresh order under section 271(1)(c) for the levy of penalty due to systematic suppression of tailoring charges revealed during search operations. The Tribunal found the revised return not voluntary under the Amnesty Scheme, applied Explanation 1(A) to section 271(1) due to lack of explanation for the suppression, and rejected the argument on the limitation period for passing a penalty order. The assessee's appeal was dismissed. en-us Fri, 30 Oct 1992 00:00:00 +0530 Thu, 07 Apr 2011 16:53:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69570 The Tribunal upheld the CIT's order invoking section 263, setting aside the AO's decision to drop penalty proceedings, and directed the AO to pass a fresh order under section 271(1)(c) for the levy of penalty due to systematic suppression of tailoring charges revealed during search operations. The Tribunal found the revised return not voluntary under the Amnesty Scheme, applied Explanation 1(A) to section 271(1) due to lack of explanation for the suppression, and rejected the argument on the limitation period for passing a penalty order. The assessee's appeal was dismissed. Case-Laws Income Tax Fri, 30 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69570