https://www.taxtmi.com/caselaws?id=402686 The tribunal upheld the validity of proceedings initiated under sections 147/148 based on concrete information from the Annual Information Return (AIR) regarding commodity/share transactions by the assessee. The tribunal set aside the profit determination by the CIT (A) and directed the assessing officer to reexamine the issue based on complete statements provided by the assessee, including bills and profit/loss details. The tribunal also directed a fresh examination by the AO to determine the correct profit earned by the assessee in trading gold, emphasizing a fair assessment process and adherence to legal procedures. The appeal was partly allowed on these grounds. en-us Wed, 21 Oct 2020 00:00:00 +0530 Sat, 09 Jan 2021 21:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402686 The tribunal upheld the validity of proceedings initiated under sections 147/148 based on concrete information from the Annual Information Return (AIR) regarding commodity/share transactions by the assessee. The tribunal set aside the profit determination by the CIT (A) and directed the assessing officer to reexamine the issue based on complete statements provided by the assessee, including bills and profit/loss details. The tribunal also directed a fresh examination by the AO to determine the correct profit earned by the assessee in trading gold, emphasizing a fair assessment process and adherence to legal procedures. The appeal was partly allowed on these grounds. Case-Laws Income Tax Wed, 21 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402686