https://www.taxtmi.com/caselaws?id=56874 The Tribunal upheld the Commissioner's order setting aside the assessment due to the Income Tax Officer's failure to conduct proper inquiries regarding the investment in a new truck, examine the source of deposits in the assessee's bank account, scrutinize bank accounts/pass books, verify the correct sale price of a truck, and initiate penalty proceedings under section 271(1)(c) of the Income-tax Act. The Tribunal directed the ITO to conduct a fresh assessment after proper inquiries, leading to the dismissal of the assessee's appeal. en-us Tue, 02 Aug 1983 00:00:00 +0530 Tue, 07 Dec 2010 12:07:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56874 The Tribunal upheld the Commissioner's order setting aside the assessment due to the Income Tax Officer's failure to conduct proper inquiries regarding the investment in a new truck, examine the source of deposits in the assessee's bank account, scrutinize bank accounts/pass books, verify the correct sale price of a truck, and initiate penalty proceedings under section 271(1)(c) of the Income-tax Act. The Tribunal directed the ITO to conduct a fresh assessment after proper inquiries, leading to the dismissal of the assessee's appeal. Case-Laws Income Tax Tue, 02 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56874