https://www.taxtmi.com/caselaws?id=409369 The Tribunal ruled in favor of the assessee, directing the deletion of both substantive and protective assessments made by the Assessing Officer. It held that the society operated on a mutuality basis, the sale proceeds were from known sources, and the president did not personally benefit from the transactions. The Tribunal found no basis for taxing the society on the sale proceeds and rejected the arbitrary 15% profit estimation, ultimately disposing of the appeals in favor of the assessee. en-us Mon, 28 Jun 2021 00:00:00 +0530 Tue, 06 Jul 2021 21:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409369 The Tribunal ruled in favor of the assessee, directing the deletion of both substantive and protective assessments made by the Assessing Officer. It held that the society operated on a mutuality basis, the sale proceeds were from known sources, and the president did not personally benefit from the transactions. The Tribunal found no basis for taxing the society on the sale proceeds and rejected the arbitrary 15% profit estimation, ultimately disposing of the appeals in favor of the assessee. Case-Laws Income Tax Mon, 28 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409369