The Assessing Officer assessed the income of the appellant by making addition as unexplained money u/s 69 of the Act . The PCIT passed the revision order on the ground that the AO has omitted to initiate penalty proceedings u/s 270A of the Act . On appeal the Tribunal held that in the absence of any findings in the assessment order regarding underreporting or misreporting of income , the PCIT cannot revise assessment order to initiate penalty proceedings . Revision order was quashed . Followed CIT v. Chennai Metro Rail Ltd ( 2018) 92 taxmann.com 329 ( Mad)(HC) which is jurisdictional High Court instead of CIT .v Surendra Prasad Aggarwal ( 2005) 275 ITR 113( All)(HC) .( TS-488 -ITAT -2022( Chennai) ( AY. 2017 -18 ) ( Dt. 17 -3 -2022 )
Coimbatore Vaiyapuri Maathesh v.ITO( 2022) BCAJ – August – P. 85 ( Chennai )( Trib)
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Penalty for under -reporting and misreporting of income – Revision proceedings held to be not valid merely for non initiation of penalty proceedings u/s 270A of the Act .[ S. 270A]