https://www.taxtmi.com/caselaws?id=333532 The Tribunal overturned the Commissioner of Income Tax's decision to revise the assessment order under Section 263 of the Income Tax Act, citing that the original assessment was not erroneous or prejudicial to revenue. Additionally, the Tribunal directed the deletion of the penalty imposed under Section 271(1)(b) for non-compliance with statutory notices, as the assessee's failure to comply was deemed unintentional due to the short timeframe and voluminous information requested by the Assessing Officer. The appeals filed by the assessee were allowed, restoring the original assessment order and removing the penalty. en-us Fri, 26 Aug 2016 00:00:00 +0530 Mon, 17 Oct 2016 09:37:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333532 The Tribunal overturned the Commissioner of Income Tax's decision to revise the assessment order under Section 263 of the Income Tax Act, citing that the original assessment was not erroneous or prejudicial to revenue. Additionally, the Tribunal directed the deletion of the penalty imposed under Section 271(1)(b) for non-compliance with statutory notices, as the assessee's failure to comply was deemed unintentional due to the short timeframe and voluminous information requested by the Assessing Officer. The appeals filed by the assessee were allowed, restoring the original assessment order and removing the penalty. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333532