https://www.taxtmi.com/caselaws?id=434659 The Tribunal partly allowed the Revenue's appeal, remitting the matter back to the National Faceless Appeal Centre (NFAC) for fresh adjudication regarding the denial of deduction under Section 54B of the Income Tax Act. The NFAC's decision was criticized for lacking detailed reasoning and not addressing the substantial evidence presented by the Assessing Officer (AO). The Tribunal emphasized the necessity of providing reasons in judicial decisions to prevent arbitrariness, directing the NFAC to issue a detailed and reasoned order in accordance with legal principles. en-us Mon, 27 Feb 2023 00:00:00 +0530 Tue, 28 Feb 2023 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434659 The Tribunal partly allowed the Revenue's appeal, remitting the matter back to the National Faceless Appeal Centre (NFAC) for fresh adjudication regarding the denial of deduction under Section 54B of the Income Tax Act. The NFAC's decision was criticized for lacking detailed reasoning and not addressing the substantial evidence presented by the Assessing Officer (AO). The Tribunal emphasized the necessity of providing reasons in judicial decisions to prevent arbitrariness, directing the NFAC to issue a detailed and reasoned order in accordance with legal principles. Case-Laws Income Tax Mon, 27 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434659