https://www.taxtmi.com/caselaws?id=431557 The Assessee's challenge to the initiation of proceedings under Section 153C was rejected by the Tribunal, upholding the validity of the proceedings. However, the Tribunal ruled in favor of the Assessee regarding the treatment of short-term capital gain as business income, leading to the deletion of additions made by the Assessing Officer. The Tribunal also set aside the levy of interest under Sections 234B and 234C, and the initiation of penalty proceedings under Section 271(1)(c) due to the lack of incriminating material. Ultimately, the Assessees' appeals were partially allowed, and the additions made by the AO were deleted. en-us Fri, 30 Sep 2022 00:00:00 +0530 Thu, 15 Dec 2022 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431557 The Assessee's challenge to the initiation of proceedings under Section 153C was rejected by the Tribunal, upholding the validity of the proceedings. However, the Tribunal ruled in favor of the Assessee regarding the treatment of short-term capital gain as business income, leading to the deletion of additions made by the Assessing Officer. The Tribunal also set aside the levy of interest under Sections 234B and 234C, and the initiation of penalty proceedings under Section 271(1)(c) due to the lack of incriminating material. Ultimately, the Assessees' appeals were partially allowed, and the additions made by the AO were deleted. Case-Laws Income Tax Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431557