https://www.taxtmi.com/caselaws?id=211627 The High Court upheld the Tribunal's decision in an appeal against the cancellation of a revision order under section 263 of the Income-tax Act. The court ruled that in cases of agreed assessments where the Assessing Officer accepts additional income offered by the assessee, no penalty can be initiated for concealment. The court emphasized that the Assessing Officer should rely on evidence collected rather than penalizing based on the assessee's offer. Consequently, the court dismissed the revenue's appeal, affirming the Tribunal's order. en-us Tue, 04 Jan 2011 00:00:00 +0530 Wed, 28 Mar 2012 07:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211627 The High Court upheld the Tribunal's decision in an appeal against the cancellation of a revision order under section 263 of the Income-tax Act. The court ruled that in cases of agreed assessments where the Assessing Officer accepts additional income offered by the assessee, no penalty can be initiated for concealment. The court emphasized that the Assessing Officer should rely on evidence collected rather than penalizing based on the assessee's offer. Consequently, the court dismissed the revenue's appeal, affirming the Tribunal's order. Case-Laws Income Tax Tue, 04 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211627