https://www.taxtmi.com/caselaws?id=71686 The Tribunal quashed the CIT's orders, holding that the Dy. CIT's decision to drop the penalty proceedings was based on a possible view supported by the decision of the ITAT Jaipur Bench in a similar case. The Tribunal noted that the Dy. CIT had conducted necessary enquiries and accepted the assessee's explanation that the amounts were share application money. The Tribunal emphasized that the CIT's observations were based on suspicion and lacked a substantive basis. Therefore, the orders of the Dy. CIT were not erroneous and prejudicial to the interests of the revenue, and the CIT's revisionary action under section 263 was not justified. en-us Wed, 31 Mar 2004 00:00:00 +0530 Tue, 26 Apr 2011 16:10:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71686 The Tribunal quashed the CIT's orders, holding that the Dy. CIT's decision to drop the penalty proceedings was based on a possible view supported by the decision of the ITAT Jaipur Bench in a similar case. The Tribunal noted that the Dy. CIT had conducted necessary enquiries and accepted the assessee's explanation that the amounts were share application money. The Tribunal emphasized that the CIT's observations were based on suspicion and lacked a substantive basis. Therefore, the orders of the Dy. CIT were not erroneous and prejudicial to the interests of the revenue, and the CIT's revisionary action under section 263 was not justified. Case-Laws Income Tax Wed, 31 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71686