https://www.taxtmi.com/caselaws?id=448610 The court ruled in favor of the petitioner, quashing the impugned notices and orders under the Income Tax Act, 1961, including those issued under Sections 148A(b), 148A(d), 148, and 143(2) read with Section 147. The court found errors in the application of Section 50C, which was incorrectly applied to the petitioner as a buyer rather than a seller. Additionally, the court criticized the lack of due diligence by the Assessing Officer and Principal Commissioner in ensuring the correctness of the orders before granting sanction. Consequently, the court allowed the petition and set aside the challenged notices and orders. en-us Mon, 22 Jan 2024 00:00:00 +0530 Wed, 24 Jan 2024 07:57:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448610 The court ruled in favor of the petitioner, quashing the impugned notices and orders under the Income Tax Act, 1961, including those issued under Sections 148A(b), 148A(d), 148, and 143(2) read with Section 147. The court found errors in the application of Section 50C, which was incorrectly applied to the petitioner as a buyer rather than a seller. Additionally, the court criticized the lack of due diligence by the Assessing Officer and Principal Commissioner in ensuring the correctness of the orders before granting sanction. Consequently, the court allowed the petition and set aside the challenged notices and orders. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448610