Failure to record opinion on penalty not makes assessment erroneous: ITAT Jaipur

Mikuni India Private Limited Vs PCIT (ITAT Jaipur) Assessment could not be said to be erroneous or prejudicial to the interest of the Revenue because of the failure of the ITO to record his opinion about the leviability of penalty. Income Tax Appellate Tribunal (ITAT) Jaipur recently overturned an order issued by the Principal Commissioner of Income Tax (PCIT) against Mikuni India Private Limited. The PCIT had invoked Section 263 of the Income Tax Act, deeming the original assessment order for the 2017-18 assessment year as flawed and detrimental to revenue interests. This was based on the Ass...