https://www.taxtmi.com/caselaws?id=770067 ITAT Mumbai upheld CIT's revision order u/s 263 directing reassessment of penalty proceedings u/s 271(1)(c) for concealment/inaccurate particulars regarding professional fees, receipts from Toyota Lakozy Pvt. Ltd., and personal expenses. The tribunal found the original penalty order erroneous and prejudicial to revenue interest, citing precedents that dropping penalty proceedings without justification is improper. The AO was directed to re-examine and modify the penalty order following natural justice principles. The assessee's appeal was dismissed. en-us Thu, 24 Apr 2025 00:00:00 +0530 Tue, 06 May 2025 09:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770067 ITAT Mumbai upheld CIT's revision order u/s 263 directing reassessment of penalty proceedings u/s 271(1)(c) for concealment/inaccurate particulars regarding professional fees, receipts from Toyota Lakozy Pvt. Ltd., and personal expenses. The tribunal found the original penalty order erroneous and prejudicial to revenue interest, citing precedents that dropping penalty proceedings without justification is improper. The AO was directed to re-examine and modify the penalty order following natural justice principles. The assessee's appeal was dismissed. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770067