https://www.taxtmi.com/caselaws?id=396663 The Tribunal partially allowed the appeal by classifying the sale of land as business income, directing the Assessing Officer to compute tax liability accordingly. It remitted the issues of unexplained opening capital balance and cash deposits for further examination. The penalty under section 271(1)(c) was canceled, considering extraordinary circumstances. en-us Wed, 08 Jul 2020 00:00:00 +0530 Fri, 08 Nov 2024 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396663 The Tribunal partially allowed the appeal by classifying the sale of land as business income, directing the Assessing Officer to compute tax liability accordingly. It remitted the issues of unexplained opening capital balance and cash deposits for further examination. The penalty under section 271(1)(c) was canceled, considering extraordinary circumstances. Case-Laws Income Tax Wed, 08 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396663