https://www.taxtmi.com/highlights?id=83809 The Income Tax Appellate Tribunal set aside the assessment order for the assessee and restored the matter to the Assessing Officer for a de novo assessment after providing the assessee with a due opportunity of hearing. This decision aligns with the Tribunal's earlier ruling in the case of the co-owner, Dhirendra Nath Das, for the same assessment year. However, the Tribunal upheld the penalty imposed u/s 271(1)(b) for non-compliance with the notice issued u/s 142(1), considering the assessee's awareness of their responsibility as an employee of Indian Oil Corporation and the lack of a plausible explanation for non-compliance. en-us Mon, 09 Dec 2024 11:23:13 +0530 Mon, 09 Dec 2024 11:23:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83809 The Income Tax Appellate Tribunal set aside the assessment order for the assessee and restored the matter to the Assessing Officer for a de novo assessment after providing the assessee with a due opportunity of hearing. This decision aligns with the Tribunal's earlier ruling in the case of the co-owner, Dhirendra Nath Das, for the same assessment year. However, the Tribunal upheld the penalty imposed u/s 271(1)(b) for non-compliance with the notice issued u/s 142(1), considering the assessee's awareness of their responsibility as an employee of Indian Oil Corporation and the lack of a plausible explanation for non-compliance. Highlights Income Tax Mon, 09 Dec 2024 11:23:13 +0530 https://www.taxtmi.com/highlights?id=83809