https://www.taxtmi.com/caselaws?id=348822 The tribunal partly allowed the appeals, setting aside the CIT's orders passed under section 263 for the assessment years in question. It was held that the CIT lacked the authority to direct the initiation of penalty proceedings under section 271(1)(c) through revisional powers under section 263. The tribunal ruled in favor of the assessee, emphasizing the principle that when two views are possible, the one favoring the assessee should be adopted. en-us Wed, 20 Sep 2017 00:00:00 +0530 Tue, 03 Oct 2017 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348822 The tribunal partly allowed the appeals, setting aside the CIT's orders passed under section 263 for the assessment years in question. It was held that the CIT lacked the authority to direct the initiation of penalty proceedings under section 271(1)(c) through revisional powers under section 263. The tribunal ruled in favor of the assessee, emphasizing the principle that when two views are possible, the one favoring the assessee should be adopted. Case-Laws Income Tax Wed, 20 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348822