https://www.taxtmi.com/caselaws?id=282596 The Tribunal held that the dropping of penalty proceedings by the Assessing Officer, without providing a valid reason, did not warrant an extension of the limitation period or the exercise of revision powers under section 263. As a result, the order passed by the Principal Commissioner under section 263 was deemed unsustainable and quashed, favoring the appellant, engaged in real estate business. The Tribunal emphasized that penalty proceedings under section 271(1)(c) must be initiated during assessment proceedings, and the time limit for imposing penalties starts from the initiation of such proceedings, which had lapsed before the Principal Commissioner's intervention. en-us Thu, 15 Nov 2018 00:00:00 +0530 Wed, 14 Aug 2019 06:53:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282596 The Tribunal held that the dropping of penalty proceedings by the Assessing Officer, without providing a valid reason, did not warrant an extension of the limitation period or the exercise of revision powers under section 263. As a result, the order passed by the Principal Commissioner under section 263 was deemed unsustainable and quashed, favoring the appellant, engaged in real estate business. The Tribunal emphasized that penalty proceedings under section 271(1)(c) must be initiated during assessment proceedings, and the time limit for imposing penalties starts from the initiation of such proceedings, which had lapsed before the Principal Commissioner's intervention. Case-Laws Income Tax Thu, 15 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282596