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Proceedings u/s 263(1) could only be invoked after satisfaction of its Ingredients
Case Law Details
- Case Name
- Ranglal Bagaria (HUF) Vs CIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Kolkata
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Brief of the Case
In the present case the Hon’ble Tribunal held that for invoking section 263 both the conditions that the order of AO is erroneous as well prejudicial to the interest of Revenue should be satisfied
Facts of the Case
In this case CIT has issued show cause notice u/s 263 on the basis that AO has dropped the penalty proceedings initiated u/s 271(1)(c) on the ground that it is a voluntary surrender by assessee and ultimately CIT set aside the order of AO and directed him to pass a speaking penalty order.
Contentions of the Revenue
The Ld. DR vehemently relied on the order of CIT...
