https://www.taxtmi.com/caselaws?id=60969 The Tribunal allowed the appeal, ruling that the assessment was not time-barred under section 153(1)(b) of the Income-tax Act, 1961. The AAC's decision to set aside the assessment for de novo consideration was deemed unwarranted as the assessment was protective in nature and did not meet the criteria for falling under section 153(1)(b). The Tribunal emphasized the absence of a clear finding on concealment of income and discrepancies in penalty provisions, ultimately annulling the assessment in favor of the assessee. en-us Fri, 29 Nov 1985 00:00:00 +0530 Mon, 10 Jan 2011 11:58:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60969 The Tribunal allowed the appeal, ruling that the assessment was not time-barred under section 153(1)(b) of the Income-tax Act, 1961. The AAC's decision to set aside the assessment for de novo consideration was deemed unwarranted as the assessment was protective in nature and did not meet the criteria for falling under section 153(1)(b). The Tribunal emphasized the absence of a clear finding on concealment of income and discrepancies in penalty provisions, ultimately annulling the assessment in favor of the assessee. Case-Laws Income Tax Fri, 29 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60969