https://www.taxtmi.com/caselaws?id=430870 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) exceeded jurisdiction by invoking Section 263 to correct the Assessing Officer's incorrect initiation of penalty proceedings. The Tribunal emphasized the separation of penalty and assessment proceedings, ruling that the PCIT cannot direct the AO to initiate penalty proceedings under Section 263. The appeals filed by the assessee were allowed, leading to the quashing of the PCIT's orders under Section 263. en-us Fri, 25 Nov 2022 00:00:00 +0530 Fri, 03 Mar 2023 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430870 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) exceeded jurisdiction by invoking Section 263 to correct the Assessing Officer's incorrect initiation of penalty proceedings. The Tribunal emphasized the separation of penalty and assessment proceedings, ruling that the PCIT cannot direct the AO to initiate penalty proceedings under Section 263. The appeals filed by the assessee were allowed, leading to the quashing of the PCIT's orders under Section 263. Case-Laws Income Tax Fri, 25 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430870