https://www.taxtmi.com/caselaws?id=71513 The Appellate Tribunal ITAT Pune ruled in appeals against the CIT's order under section 263 regarding penalty proceedings for concealed income for assessment years 1989-90 and 1990-91. The Tribunal held that the CIT's order was misconceived as the additions were based on an agreement with specified conditions precluding penalty proceedings. It emphasized that the assessment orders were lawful and could not be revised under section 263. The Tribunal found that the department was estopped from initiating penalty proceedings due to the agreed conditions, quashing the CIT's order and ruling in favor of the assessee. en-us Thu, 08 Feb 1996 00:00:00 +0530 Mon, 25 Apr 2011 13:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71513 The Appellate Tribunal ITAT Pune ruled in appeals against the CIT's order under section 263 regarding penalty proceedings for concealed income for assessment years 1989-90 and 1990-91. The Tribunal held that the CIT's order was misconceived as the additions were based on an agreement with specified conditions precluding penalty proceedings. It emphasized that the assessment orders were lawful and could not be revised under section 263. The Tribunal found that the department was estopped from initiating penalty proceedings due to the agreed conditions, quashing the CIT's order and ruling in favor of the assessee. Case-Laws Income Tax Thu, 08 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71513