https://www.taxtmi.com/caselaws?id=430918 The Tribunal quashed the revisionary order of the Principal Commissioner of Income Tax (Central) under section 263 of the Income-tax Act,1961, which set aside the dropping of penalty proceedings under section 271(1)(c) for the assessment year 2008-09. The Tribunal found that the revisionary order was untenable as it failed to demonstrate the Assessing Officer's finding as erroneous and prejudicial to revenue. Consequently, the Tribunal allowed the appeal, emphasizing that revisionary authority can only direct fresh determination if the Assessing Officer's finding is proven erroneous, which was not the case in this instance. en-us Tue, 29 Nov 2022 00:00:00 +0530 Wed, 30 Nov 2022 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430918 The Tribunal quashed the revisionary order of the Principal Commissioner of Income Tax (Central) under section 263 of the Income-tax Act,1961, which set aside the dropping of penalty proceedings under section 271(1)(c) for the assessment year 2008-09. The Tribunal found that the revisionary order was untenable as it failed to demonstrate the Assessing Officer's finding as erroneous and prejudicial to revenue. Consequently, the Tribunal allowed the appeal, emphasizing that revisionary authority can only direct fresh determination if the Assessing Officer's finding is proven erroneous, which was not the case in this instance. Case-Laws Income Tax Tue, 29 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430918