https://www.taxtmi.com/caselaws?id=298147 The Tribunal held that the exercise of power by the Commissioner under Section 263 was invalid as the assessments were already scrutinized and approved by a higher tax authority. The Tribunal found that the AO had verified the transaction with M/s. Jai Prakash Strips Ltd. and that the Commissioner did not have the power to re-examine the accounts unless the decision of the AO was unsustainable in law. The direction to initiate penalty proceedings was deemed unjustified as it was beyond the scope of the original notice. Consequently, all appeals of the assessees were allowed. en-us Wed, 28 Mar 2018 00:00:00 +0530 Thu, 14 Oct 2021 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298147 The Tribunal held that the exercise of power by the Commissioner under Section 263 was invalid as the assessments were already scrutinized and approved by a higher tax authority. The Tribunal found that the AO had verified the transaction with M/s. Jai Prakash Strips Ltd. and that the Commissioner did not have the power to re-examine the accounts unless the decision of the AO was unsustainable in law. The direction to initiate penalty proceedings was deemed unjustified as it was beyond the scope of the original notice. Consequently, all appeals of the assessees were allowed. Case-Laws Income Tax Wed, 28 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298147