https://www.taxtmi.com/caselaws?id=435577 The Tribunal found in favor of the assessee regarding the validity of proceedings under section 153C of the Income Tax Act, 1961, directing deletion of additions due to lack of incriminating material. The treatment of short-term and long-term capital gains as business income was rejected without such material. The levy of interest under sections 234B and 234C was recalculated based on revised income. Penalty proceedings under section 271(1)(c) were deemed premature. Separate judgments were delivered, partially allowing assessees' appeals and dismissing Revenue's appeals. The decision was pronounced on 24/01/2023. en-us Tue, 24 Jan 2023 00:00:00 +0530 Wed, 22 Mar 2023 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435577 The Tribunal found in favor of the assessee regarding the validity of proceedings under section 153C of the Income Tax Act, 1961, directing deletion of additions due to lack of incriminating material. The treatment of short-term and long-term capital gains as business income was rejected without such material. The levy of interest under sections 234B and 234C was recalculated based on revised income. Penalty proceedings under section 271(1)(c) were deemed premature. Separate judgments were delivered, partially allowing assessees' appeals and dismissing Revenue's appeals. The decision was pronounced on 24/01/2023. Case-Laws Income Tax Tue, 24 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435577