https://www.taxtmi.com/caselaws?id=373474 The Tribunal quashed the assessment proceedings initiated under sections 144/147 due to lack of valid service of notices, citing discrepancies and lack of compliance by the assessee. The treatment of interest accrued as income from other sources was re-evaluated, with the Tribunal finding that the interest component was not separately taxable. The penalty imposed under section 271(1)(c) was canceled by the CIT(A) and set aside for reconsideration by the AO. The appeals filed by the Revenue were allowed for statistical purposes, emphasizing the importance of adherence to legal procedures in tax assessments. en-us Wed, 09 Jan 2019 00:00:00 +0530 Mon, 14 Jan 2019 07:34:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373474 The Tribunal quashed the assessment proceedings initiated under sections 144/147 due to lack of valid service of notices, citing discrepancies and lack of compliance by the assessee. The treatment of interest accrued as income from other sources was re-evaluated, with the Tribunal finding that the interest component was not separately taxable. The penalty imposed under section 271(1)(c) was canceled by the CIT(A) and set aside for reconsideration by the AO. The appeals filed by the Revenue were allowed for statistical purposes, emphasizing the importance of adherence to legal procedures in tax assessments. Case-Laws Income Tax Wed, 09 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373474