https://www.taxtmi.com/caselaws?id=59616 The Tribunal upheld the Assessing Officer's penalty order under section 158BFA(2) of the Income-tax Act, finding it to be a valid exercise of discretion and not erroneous or prejudicial to revenue. The Commissioner of Income-tax's attempt to revise the penalty order under section 263 was deemed unwarranted as the AO's decision was considered reasonable and sustainable. Consequently, the CIT's order under section 263 and all subsequent proceedings, including a fresh penalty order and CIT(A)'s order, were quashed by the Tribunal. en-us Thu, 17 Aug 2006 00:00:00 +0530 Fri, 31 Dec 2010 11:33:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59616 The Tribunal upheld the Assessing Officer's penalty order under section 158BFA(2) of the Income-tax Act, finding it to be a valid exercise of discretion and not erroneous or prejudicial to revenue. The Commissioner of Income-tax's attempt to revise the penalty order under section 263 was deemed unwarranted as the AO's decision was considered reasonable and sustainable. Consequently, the CIT's order under section 263 and all subsequent proceedings, including a fresh penalty order and CIT(A)'s order, were quashed by the Tribunal. Case-Laws Income Tax Thu, 17 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59616