Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
Personal hearing requirements in GST adjudication were satisfied by prior opportunities and written submissions; appellate limitation received writ-pe...
ITAT held that the AO failed to properly examine the exemption claim under section 10(38) for long-term capital gains. The tribunal found no evidence of adequate investigation or verification in the assessment order. Referencing SC precedent in Paville Project Pvt. Ltd, the tribunal determined the assessment order was prejudicial to revenue interests. The PCIT's revision under section 263 was justified, as the AO did not conduct requisite inquiries regarding the genuineness of capital gains exemption. Consequently, the tribunal upheld the PCIT's order and dismissed the assessee's appeal, mandating a comprehensive reassessment of the capital gains claim.
ITAT held that the AO failed to properly examine the exemption claim under section 10(38) for long-term capital gains. The tribunal found no evidence of adequate investigation or verification in the assessment order. Referencing SC precedent in Paville Project Pvt. Ltd, the tribunal determined the assessment order was prejudicial to revenue interests. The PCIT's revision under section 263 was justified, as the AO did not conduct requisite inquiries regarding the genuineness of capital gains exemption. Consequently, the tribunal upheld the PCIT's order and dismissed the assessee's appeal, mandating a comprehensive reassessment of the capital gains claim.
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