https://www.taxtmi.com/caselaws?id=61034 The Third Member, Vice-President R.M. Mehta, resolved the difference of opinion between the Judicial Member and the Accountant Member by approving the Accountant Member's view. It was held that the Assessing Officer (AO) had acted judiciously in dropping penalties and waiving interest, demonstrating proper application of mind. The Third Member concluded that the Commissioner of Income Tax's order under section 263 was unwarranted, and the AO's decisions were deemed valid and lawful. Consequently, the appeals by the assessee were upheld, and the CIT's order under section 263 was annulled. en-us Mon, 31 Dec 2001 00:00:00 +0530 Mon, 10 Jan 2011 14:28:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61034 The Third Member, Vice-President R.M. Mehta, resolved the difference of opinion between the Judicial Member and the Accountant Member by approving the Accountant Member's view. It was held that the Assessing Officer (AO) had acted judiciously in dropping penalties and waiving interest, demonstrating proper application of mind. The Third Member concluded that the Commissioner of Income Tax's order under section 263 was unwarranted, and the AO's decisions were deemed valid and lawful. Consequently, the appeals by the assessee were upheld, and the CIT's order under section 263 was annulled. Case-Laws Income Tax Mon, 31 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61034