The Assessing Officer has not levied the penalty in respect of capital gain offered in the revised return in the course of assessment proceedings. The PCIT passed the revision order for failure to levy penalty in respect of income surrendered. On appeal the Tribunal set aside the revision order passed by the PCIT.(AY. 2015-16)
Davinder Kaur Bains v. PCIT (2021) 214 TTJ 1159 / (2022) 209 DTR 47 (Asr.)(Trib.) Gurbachan Singh Bains v. PCIT (2021) 214 TTJ 1159 / (2022) 209 DTR 47 (Asr.)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Surrender of capital gains in revised return-Failure to levy penalty–Explanation 2 to section 263 was not referred-Revision is held to be not valid. [S. 139(5), 143(3), 271(1)(c)]