https://www.taxtmi.com/caselaws?id=376887 The ITAT allowed the assessee's appeal, directing a fresh adjudication by the Assessing Officer for the reassessment proceedings related to the addition of income from a property transaction. The ITAT remanded the issue back for a fair decision based on facts and law, emphasizing the need for a thorough assessment process. Additionally, the ITAT deleted the penalty imposed under section 271(1)(c) of the IT Act, giving the Assessing Officer the liberty to initiate fresh penalty proceedings after completing the assessment. en-us Fri, 15 Mar 2019 00:00:00 +0530 Mon, 18 Mar 2019 09:03:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376887 The ITAT allowed the assessee's appeal, directing a fresh adjudication by the Assessing Officer for the reassessment proceedings related to the addition of income from a property transaction. The ITAT remanded the issue back for a fair decision based on facts and law, emphasizing the need for a thorough assessment process. Additionally, the ITAT deleted the penalty imposed under section 271(1)(c) of the IT Act, giving the Assessing Officer the liberty to initiate fresh penalty proceedings after completing the assessment. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376887