https://www.taxtmi.com/caselaws?id=762878 ITAT Kolkata set aside the assessment order regarding transfer of capital asset under Joint Development Agreement and remanded the matter to Assessing Officer for fresh adjudication with proper hearing opportunity, following precedent from co-owner's case. However, penalty under section 271(1)(b) for non-compliance with notice under section 142(1) was upheld, as the assessee, being an Indian Oil Corporation employee, failed to provide plausible explanation for ignoring AO's notices despite filing return declaring income of Rs. 13,57,830. en-us Mon, 18 Nov 2024 00:00:00 +0530 Mon, 09 Dec 2024 08:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762878 ITAT Kolkata set aside the assessment order regarding transfer of capital asset under Joint Development Agreement and remanded the matter to Assessing Officer for fresh adjudication with proper hearing opportunity, following precedent from co-owner's case. However, penalty under section 271(1)(b) for non-compliance with notice under section 142(1) was upheld, as the assessee, being an Indian Oil Corporation employee, failed to provide plausible explanation for ignoring AO's notices despite filing return declaring income of Rs. 13,57,830. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762878