https://www.taxtmi.com/caselaws?id=437822 The Tribunal allowed the appeal of the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act. The Tribunal held that penalty proceedings and assessment proceedings are distinct, and since no penalty order was passed within the stipulated time, the revisionary jurisdiction under Section 263 was deemed invalid. The appeal outcome was in favor of the assessee, emphasizing the independence of penalty proceedings from assessment proceedings. en-us Mon, 24 Apr 2023 00:00:00 +0530 Tue, 16 May 2023 08:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437822 The Tribunal allowed the appeal of the assessee, quashing the revision order passed by the Principal Commissioner of Income Tax under Section 263 of the Income Tax Act. The Tribunal held that penalty proceedings and assessment proceedings are distinct, and since no penalty order was passed within the stipulated time, the revisionary jurisdiction under Section 263 was deemed invalid. The appeal outcome was in favor of the assessee, emphasizing the independence of penalty proceedings from assessment proceedings. Case-Laws Income Tax Mon, 24 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437822