https://www.taxtmi.com/caselaws?id=71610 The Tribunal quashed the CIT's orders invoking jurisdiction under section 263, finding that the CIT did not base his decision on material on record. The Assessing Officer dropping penalty proceedings under section 271(1)(c) was deemed judicious as the revised returns were filed in good faith. The Tribunal held that the revised returns were valid, and the Assessing Officer's decision was upheld. The Tribunal aligned with the Accountant Member, concluding that the CIT's jurisdictional invocation under section 263 was not justified, ultimately allowing the appeals of the assessee. en-us Fri, 07 Dec 2001 00:00:00 +0530 Fri, 08 Jul 2016 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71610 The Tribunal quashed the CIT's orders invoking jurisdiction under section 263, finding that the CIT did not base his decision on material on record. The Assessing Officer dropping penalty proceedings under section 271(1)(c) was deemed judicious as the revised returns were filed in good faith. The Tribunal held that the revised returns were valid, and the Assessing Officer's decision was upheld. The Tribunal aligned with the Accountant Member, concluding that the CIT's jurisdictional invocation under section 263 was not justified, ultimately allowing the appeals of the assessee. Case-Laws Income Tax Fri, 07 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71610