https://www.taxtmi.com/caselaws?id=269675 The High Court affirmed the Tribunal's decision that penalty proceedings under Section 271(1)(c) of the Income Tax Act are separate from assessment proceedings. The Court held that the Commissioner of Income Tax cannot direct the initiation of penalty proceedings in a revisional order under Section 263. Failure to initiate penalty proceedings does not render the assessment erroneous or prejudicial to revenue. The Court dismissed the revenue's appeal, upholding the Tribunal's ruling and canceling the revisional order. en-us Thu, 29 Oct 2015 00:00:00 +0530 Thu, 17 Dec 2015 23:52:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269675 The High Court affirmed the Tribunal's decision that penalty proceedings under Section 271(1)(c) of the Income Tax Act are separate from assessment proceedings. The Court held that the Commissioner of Income Tax cannot direct the initiation of penalty proceedings in a revisional order under Section 263. Failure to initiate penalty proceedings does not render the assessment erroneous or prejudicial to revenue. The Court dismissed the revenue's appeal, upholding the Tribunal's ruling and canceling the revisional order. Case-Laws Income Tax Thu, 29 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269675