https://www.taxtmi.com/caselaws?id=466346 Revision under section 263 challenged the non-initiation of penalty proceedings for income surrendered during a survey; tribunal reasoned that penalty under the relevant provision is discretionary ("may direct") and Ao's choice not to impose penalty was not an erroneous order prejudicial to revenue. The tribunal applied the Malabar Industrial precedent that loss of revenue alone does not establish an erroneous order and that where two reasonable views exist the AO's view cannot be set aside as unsustainable in law; consequence: the revision was quashed and the assessee's appeal allowed. en-us Tue, 08 Oct 2024 00:00:00 +0530 Mon, 02 Feb 2026 20:17:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466346 Revision under section 263 challenged the non-initiation of penalty proceedings for income surrendered during a survey; tribunal reasoned that penalty under the relevant provision is discretionary ("may direct") and Ao's choice not to impose penalty was not an erroneous order prejudicial to revenue. The tribunal applied the Malabar Industrial precedent that loss of revenue alone does not establish an erroneous order and that where two reasonable views exist the AO's view cannot be set aside as unsustainable in law; consequence: the revision was quashed and the assessee's appeal allowed. Case-Laws Income Tax Tue, 08 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466346