https://www.taxtmi.com/caselaws?id=207556 The High Court upheld the validity of the agreement between the assessee and the Assessing Officer regarding penalty proceedings under section 271(1)(c) of the Income-tax Act. It ruled that the Commissioner could not intervene under section 263 based on penalty considerations not included in the original assessment order under section 143(3). The court emphasized that penalty proceedings are distinct from assessment proceedings and that the absence of penalty mention in the assessment order does not make it erroneous or prejudicial to Revenue. Consequently, the court dismissed the appeal, affirming the Tribunal's decision and providing a detailed legal analysis on the matter. en-us Fri, 10 Sep 2010 00:00:00 +0530 Wed, 19 Dec 2012 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207556 The High Court upheld the validity of the agreement between the assessee and the Assessing Officer regarding penalty proceedings under section 271(1)(c) of the Income-tax Act. It ruled that the Commissioner could not intervene under section 263 based on penalty considerations not included in the original assessment order under section 143(3). The court emphasized that penalty proceedings are distinct from assessment proceedings and that the absence of penalty mention in the assessment order does not make it erroneous or prejudicial to Revenue. Consequently, the court dismissed the appeal, affirming the Tribunal's decision and providing a detailed legal analysis on the matter. Case-Laws Income Tax Fri, 10 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207556