In absence of intimation of penalty u/s. 271AAB in assessment order, can commissioner in exercise of power under section 263, could direct Assessing Officer to intimate penalty proceedings under section 271AAB of the Act. If these any decision, please give citation.
To evoke Section 263, commissioner has to be satisfied of twin conditions, namely:
1) the order of the Assessing Officer sought to be revised is erroneous; and
2) it is prejudicial to the interests of the Revenue.
In my opinion, non initiation of penalty proceedings during assessment proceedings renders the assessment order erroneous and prejudicial to the interest of Revenue. Therefore, the CIT has the jurisdiction to revise such order.