https://www.taxtmi.com/caselaws?id=417456 The Tribunal upheld the initiation of assessment proceedings under section 147 due to non-filing of income tax return. However, it allowed the Assessee to deduct expenses against the sale consideration, resulting in reduced taxable income. The issues concerning interest and penalty were dismissed as either consequential or premature. The appeal was partly allowed based on these determinations. en-us Mon, 29 Nov 2021 00:00:00 +0530 Mon, 24 Jan 2022 08:50:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417456 The Tribunal upheld the initiation of assessment proceedings under section 147 due to non-filing of income tax return. However, it allowed the Assessee to deduct expenses against the sale consideration, resulting in reduced taxable income. The issues concerning interest and penalty were dismissed as either consequential or premature. The appeal was partly allowed based on these determinations. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417456