https://www.taxtmi.com/caselaws?id=71181 The Tribunal quashed the order of the CIT under section 263, holding that the AO had acted judiciously based on discussions with the Department. It was found that penalty proceedings and assessment proceedings are independent, and the incorrect charging of interest could have been rectified under other provisions of the Act. The appeal by the assessee was allowed, and the order under section 263 was set aside. en-us Wed, 10 Jul 2002 00:00:00 +0530 Thu, 21 Apr 2011 17:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71181 The Tribunal quashed the order of the CIT under section 263, holding that the AO had acted judiciously based on discussions with the Department. It was found that penalty proceedings and assessment proceedings are independent, and the incorrect charging of interest could have been rectified under other provisions of the Act. The appeal by the assessee was allowed, and the order under section 263 was set aside. Case-Laws Income Tax Wed, 10 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71181