2026 (4) TMI 1248

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...."1. That the learned Principal Commissioner of Income-tax-1, Surat erred by passing ex-parte order u/s 263 without considering our submission dtd.17/12/2024. 2. That the learned Principal Commissioner of Income-tax-1, Surat erred in law as well as on the facts of the case in assuming jurisdiction u/s 263 of the Act by wrongly and incorrectly holding that the AO instead of initiating penalty proceeding u/s 270(1)(c) initiated the penalty proceedings u/s 270A of the Act, hence, the assessment order passed by the AO on dated 03/03/2023 u/s 147 r.w.s.144 r.w.s.144B, erroneous and prejudicial to the interest of revenue. Hence, the proceedings so initiated u/s 263 of the Act and the impugned order passed u/s- 263 of the Act. deserves to ....

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....refore, the PCIT directed the Assessing Officer under Section 263 to modify the assessment order thereby initiating the correct penalty proceedings under Section 271(1)(c) of the Act. The assessee filed present appeal in respect of the same before us. 4. The Ld. AR submitted that the PCIT has passed ex-parte order under Section 263 of the Act without cognizance of the assessee's submission dated 17.12.2024. The Ld. AR submitted that the PCIT has issued the jurisdiction under Section 263 of the Act wrongly. The initiation of penalty proceedings under Section 270A in respect of 271(1)(c) of the Act is not a revisional power and cannot be initiated under Section 263 of the Act. The Ld. AR relied upon the decision of Paramanand M. Patel whic....