https://www.taxtmi.com/caselaws?id=70614 The Tribunal allowed both appeals, stating that the CIT's decision to set aside the assessments due to the non-initiation of penalty proceedings and non-levy of interest under s. 217(1A) was unwarranted. The Tribunal relied on Delhi HC decisions and legal precedents, emphasizing that the failure to initiate penalty proceedings or levy interest did not invalidate the assessments. The Tribunal clarified that the CIT's powers under s. 263 are limited to rectifying specific errors in assessments and cannot extend to penalty proceedings. en-us Tue, 30 Oct 1984 00:00:00 +0530 Mon, 18 Apr 2011 11:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70614 The Tribunal allowed both appeals, stating that the CIT's decision to set aside the assessments due to the non-initiation of penalty proceedings and non-levy of interest under s. 217(1A) was unwarranted. The Tribunal relied on Delhi HC decisions and legal precedents, emphasizing that the failure to initiate penalty proceedings or levy interest did not invalidate the assessments. The Tribunal clarified that the CIT's powers under s. 263 are limited to rectifying specific errors in assessments and cannot extend to penalty proceedings. Case-Laws Income Tax Tue, 30 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70614