2025 (6) TMI 980

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....assed by the Income Tax Appellate Tribunal, Jaipur Bench, Jaipur (for short 'tribunal'). 2. The brief facts are that on 18.07.2012 a search was conducted at Nuwal Group, Jaipur of which the assessee- respondent (herein after 'respondent') was a member. In pursuance to the search, proceedings were initiated and the respondent filed return declaring income of Rs. 15,46,83,000/-. The return was accepted and assessment was finalized on 13.03.2015, satisfaction for initiating the penalty proceedings under Section 271AAB was recorded in assessment order. Penalty was imposed vide order dated 20.08.2015. During the pendency of the appeal before the Commissioner of Income Tax (Appeal) (hereinafter 'CIT') the petitioner applied under the amnesty s....

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.... and circumstances of the case and law the order of the ITAT was not perverse in quashing the order passed u/s 263 of the I.T Act, 1961 which was initiated as the penalty order was found to be erroneous and prejudicial to the interest of revenue? iv) Whether on the facts and circumstances of the case and in law the ITAT was justified in quashing the order passed u/s 263 of the I.T Act, 1961 without appreciating the verdict passed by the Hon'ble Supreme Court in Malabar Undustrial Co. Ltd., Vs. CIT (2000) 243 ITR 831 that held that incorrect assumption of fact or an incorrect application of law would satisfy the requirement of the order being erroneous. An order passed in violation of the principles of natural justice or without app....