https://www.taxtmi.com/caselaws?id=329859 The Tribunal allowed the assessee's appeal, canceling the revision order passed by the CIT under Section 263. It held that the AO's decision not to initiate penalty proceedings under Section 271AAA was valid, as the conditions for immunity from penalty were met. The Tribunal emphasized that the CIT's power under Section 263 is limited to cases where the order is both erroneous and prejudicial to revenue, which was not established. Therefore, the CIT had overstepped his jurisdiction, and the AO's order was deemed neither erroneous nor prejudicial to revenue. en-us Wed, 29 Jun 2016 00:00:00 +0530 Mon, 11 Jul 2016 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329859 The Tribunal allowed the assessee's appeal, canceling the revision order passed by the CIT under Section 263. It held that the AO's decision not to initiate penalty proceedings under Section 271AAA was valid, as the conditions for immunity from penalty were met. The Tribunal emphasized that the CIT's power under Section 263 is limited to cases where the order is both erroneous and prejudicial to revenue, which was not established. Therefore, the CIT had overstepped his jurisdiction, and the AO's order was deemed neither erroneous nor prejudicial to revenue. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329859