“Section 217(1)(c)”

The date of purchase of a new residential property, for claiming exemption under Section 54, is the date the assessee obtains possession of the flat, especially for under-construction properties, rather than the date of agreement or registration.

The Commissioner (CIT) cannot direct the Assessing Officer (AO) to initiate penalty proceedings under Section 270A of the Income Tax Act while exercising revisional powers under Section 263, as penalty proceedings are distinct from assessment proceedings. The CIT cannot pass an order under Section 263 pertaining to penalty.

Furnishing inaccurate particulars of income relates to particulars that have been provided by the assessee, while concealment of income means the income has not been declared at all. The phrase 'inaccurate particulars' is broader and can include inaccuracies that lead to under-declaration or escapement of income.