Savitri Verma v. Principal Commissioner of Income-tax, Raipur-1
Parties Involved
Facts Summary
The case involves a re-opening of the assessee's case for the Assessment Year 2013-14 under Section 147 of the Income Tax Act, 1961, concerning the genuineness of land acquisition charges and the deduction of interest paid on a housing loan. The assessee's income tax return was accepted, and the assessment was completed. However, the Principal Commissioner of Income Tax initiated revisional proceedings under Section 263 of the IT Act, alleging that the assessee had furnished inaccurate particulars and concealed income. The assessee appealed against this order, arguing that the initiation of penalty proceedings under Section 263 was not justified. The appeal was heard and decided on 27/09/2024.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Principal Commissioner of Income-tax was justified in initiating proceedings under Section 263 of the IT Act for penalty proceedings.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
1 precedent cited in this judgement.
Similar Judgements
Sham Lal vs JCIT
Delhi “G” Bench: New Delhi benchAY 2016-17AllowedKishan Kumar Gupta vs ITO
Delhi 'B' Bench benchAY 2014-15AllowedDCIT, Central Circle-25, New Delhi Vs. FJM Cylinders Pvt. Ltd
Delhi Bench benchAY 2015-16DismissedDeputy Commissioner of Income Tax- 14(1)(1), Mumbai Vs. Michael Page International Recruitment Pvt. Ltd.
Mumbai benchBMW Industries Limited Vs. DCIT, Central Circle 4(1)
Kolkata benchAY 2012-13, 2015-16, 2016-17AllowedShri Jagpal Vs. The PCIT
Delhi 'C' Bench benchAY 2018-19Dismissed