https://www.taxtmi.com/caselaws?id=342476 The ITAT set aside the assessment and penalty proceedings for AY 2011-12, directing the AO to reconsider the matter in light of additional evidence presented during the ITAT proceedings. The ITAT found that the assessee failed to substantiate claims before the AO and CIT (A) but acknowledged the new evidence provided during the ITAT hearing. The penalty proceedings were also remitted for fresh consideration. The ITAT dismissed stay petitions and allowed appeals for statistical purposes, indicating a reevaluation by the AO based on the new evidence. en-us Fri, 21 Apr 2017 00:00:00 +0530 Fri, 05 May 2017 07:39:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342476 The ITAT set aside the assessment and penalty proceedings for AY 2011-12, directing the AO to reconsider the matter in light of additional evidence presented during the ITAT proceedings. The ITAT found that the assessee failed to substantiate claims before the AO and CIT (A) but acknowledged the new evidence provided during the ITAT hearing. The penalty proceedings were also remitted for fresh consideration. The ITAT dismissed stay petitions and allowed appeals for statistical purposes, indicating a reevaluation by the AO based on the new evidence. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342476