https://www.taxtmi.com/caselaws?id=433267 The tribunal upheld the jurisdiction of the ld. PCIT under section 263 of the Income Tax Act, confirming the taxability of share premium under section 56(2)(viib). However, it rejected the directive to initiate penalty proceedings under section 271F, ruling that such proceedings should be based on the Assessing Officer's satisfaction and not solely on higher authorities' directions. en-us Mon, 23 Jan 2023 00:00:00 +0530 Wed, 25 Jan 2023 08:31:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433267 The tribunal upheld the jurisdiction of the ld. PCIT under section 263 of the Income Tax Act, confirming the taxability of share premium under section 56(2)(viib). However, it rejected the directive to initiate penalty proceedings under section 271F, ruling that such proceedings should be based on the Assessing Officer's satisfaction and not solely on higher authorities' directions. Case-Laws Income Tax Mon, 23 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433267