https://www.taxtmi.com/caselaws?id=346417 The Tribunal dismissed the appeal, upholding the CIT's authority to direct the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act. The delay in filing the appeal was condoned after explanations were considered. The CIT's power under section 263 to set aside the assessment order for initiating penalty proceedings was affirmed, emphasizing the importance of initiating penalties during assessment to avoid errors prejudicial to revenue. The Tribunal supported the CIT's decision based on legal provisions and case law, highlighting the procedural correctness of the direction given. en-us Wed, 21 Jun 2017 00:00:00 +0530 Sat, 12 Aug 2017 08:29:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346417 The Tribunal dismissed the appeal, upholding the CIT's authority to direct the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act. The delay in filing the appeal was condoned after explanations were considered. The CIT's power under section 263 to set aside the assessment order for initiating penalty proceedings was affirmed, emphasizing the importance of initiating penalties during assessment to avoid errors prejudicial to revenue. The Tribunal supported the CIT's decision based on legal provisions and case law, highlighting the procedural correctness of the direction given. Case-Laws Income Tax Wed, 21 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346417