https://www.taxtmi.com/caselaws?id=202368 HC held that the tribunal rightly set aside the Commissioner's revision under section 263 and that initiation of penalty proceedings under section 271(1)(c) was erroneous and prejudicial to the revenue. The AO had accepted the assessee's explanation and the tribunal found no defect in the accounting treatment of commissions and discounts; the net commission shown as income was correct. Consequently the HC upheld cancellation of the revision order and decided the matter in favour of the assessee. en-us Mon, 13 Sep 2010 00:00:00 +0530 Wed, 27 Aug 2025 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202368 HC held that the tribunal rightly set aside the Commissioner's revision under section 263 and that initiation of penalty proceedings under section 271(1)(c) was erroneous and prejudicial to the revenue. The AO had accepted the assessee's explanation and the tribunal found no defect in the accounting treatment of commissions and discounts; the net commission shown as income was correct. Consequently the HC upheld cancellation of the revision order and decided the matter in favour of the assessee. Case-Laws Income Tax Mon, 13 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202368