https://www.taxtmi.com/caselaws?id=424217 The Tribunal upheld the Principal Commissioner's decision on the understatement of interest income due to lack of objective verification by the Assessing Officer. However, the Tribunal ruled in favor of the assessee regarding the modification of the charge for initiating penalty proceedings, emphasizing the limitations on the revisional Commissioner's authority in altering penalty provisions determined by the Assessing Officer. Consequently, both appeals of the assessee were partially allowed. en-us Wed, 04 May 2022 00:00:00 +0530 Fri, 24 Jun 2022 08:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424217 The Tribunal upheld the Principal Commissioner's decision on the understatement of interest income due to lack of objective verification by the Assessing Officer. However, the Tribunal ruled in favor of the assessee regarding the modification of the charge for initiating penalty proceedings, emphasizing the limitations on the revisional Commissioner's authority in altering penalty provisions determined by the Assessing Officer. Consequently, both appeals of the assessee were partially allowed. Case-Laws Income Tax Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424217