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3 orders · Page 1 of 1
The Tribunal held that the Assessing Officer's view was a possible view, supported by assessee's explanations and judicial precedents, and therefore, the revisional powers under Section 263 were illegally invoked. The High Court agreed that no substantial question of law arose.
The Tribunal held that the Assessing Officer's view was a possible view, supported by assessee's explanations and judicial precedents, and therefore, the revisional powers under Section 263 were illegally invoked. The High Court agreed that no substantial question of law arose.
The Tribunal held that penalty under Section 271AAB can only be imposed when a search under Section 132 has been conducted against the assessee. Since no search was conducted against the assessee firm, the penalty was not leviable.