https://www.taxtmi.com/caselaws?id=429815 The case involved challenges to the validity of assessment under the Income Tax Act, addition of alleged on-money, consideration of undisclosed income, assessment basis on the director's statement, and imposition of penalty. The assessee's challenges were partially upheld by the Tribunal, which directed reassessment by the Assessing Officer considering specific evidence and expenses incurred for land purchases. The penalty imposed was also set aside for fresh adjudication. Both appeals were allowed for statistical purposes, emphasizing the importance of proper evidence and consideration in the reassessment process. en-us Fri, 28 Oct 2022 00:00:00 +0530 Fri, 04 Nov 2022 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429815 The case involved challenges to the validity of assessment under the Income Tax Act, addition of alleged on-money, consideration of undisclosed income, assessment basis on the director's statement, and imposition of penalty. The assessee's challenges were partially upheld by the Tribunal, which directed reassessment by the Assessing Officer considering specific evidence and expenses incurred for land purchases. The penalty imposed was also set aside for fresh adjudication. Both appeals were allowed for statistical purposes, emphasizing the importance of proper evidence and consideration in the reassessment process. Case-Laws Income Tax Fri, 28 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429815