https://www.taxtmi.com/caselaws?id=349943 The Tribunal ruled in favor of the assessee, holding that the CIT exceeded its authority under section 263 by setting aside the assessment solely to initiate penalty proceedings under section 271(1)(c) and for not referring the property valuation to the DVO. The Tribunal emphasized that the CIT cannot direct penalty proceedings or substitute its judgment for that of the assessing officer. As a result, the Tribunal quashed the revision order and allowed the assessee's appeal. en-us Wed, 25 Oct 2017 00:00:00 +0530 Thu, 26 Oct 2017 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349943 The Tribunal ruled in favor of the assessee, holding that the CIT exceeded its authority under section 263 by setting aside the assessment solely to initiate penalty proceedings under section 271(1)(c) and for not referring the property valuation to the DVO. The Tribunal emphasized that the CIT cannot direct penalty proceedings or substitute its judgment for that of the assessing officer. As a result, the Tribunal quashed the revision order and allowed the assessee's appeal. Case-Laws Income Tax Wed, 25 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349943