2026 (7) TMI 350

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...., Ld. AR For the Respondent : Shri Kiran Unavekar, Ld. CIT DR ORDER PER, SHRI SONJOY SARMA, JM: By way of this appeal, the assessee has challenged the correctness of the order dated 27.01.2023, passed by the Learned Principal Commissioner of Income-tax (in short "Ld. PCIT") under section 263 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), for the assessment year 201....

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....r section 271F of the Act for non-filing of return of income and should have made necessary verification and taken action as mandated under law. It was further noticed that the assessee had declared an amount of Rs.6,35,612 without filing the return under section 139 of the Act. However, the issue had not been subjected to proper scrutiny and the income may have escaped proper assessment. It was a....

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....g the relevant provisions of law regarding imitation of penalty under sections 271F and 271(1)(c) of the Act and, therefore, the same was erroneous and prejudicial to the interests of the Revenue. Accordingly, the assessment order passed by the Assessing Officer was set aside for fresh assessment to the extent of the issues discussed in the revision order, with directions to make proper examinatio....

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....tted that the learned PCIT had categorically observed that the Assessing Officer had failed to examine the relevant facts while passing the assessment order and, therefore, revisionary jurisdiction under section 263 of the Act was rightly exercised. 5. We, after hearing the submissions of both parties and perusing the material available on record, the we observed that no penalty proceedings had....