Extended limitation requires willful misstatement or suppression with intent to evade; mere misclassification does not sustain confiscation or penalty...
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Long-term capital loss claimed on sale of shares was contested by the assessing officer for lack of documentary proof and questioned valuation; the tribunal found that the assessee produced an independent valuation and net asset value showed sale prices exceeded NAV, and the revenue failed to produce alternative valuation or rebuttal during assessment, appeal or remand proceedings, entitling the assessee to recognition of the LTCL. The AOs selective acceptance of identical losses elsewhere and failure to undertake or furnish its own valuation led to upholding the appellate authoritys allowance of the loss.
Long-term capital loss claimed on sale of shares was contested by the assessing officer for lack of documentary proof and questioned valuation; the tribunal found that the assessee produced an independent valuation and net asset value showed sale prices exceeded NAV, and the revenue failed to produce alternative valuation or rebuttal during assessment, appeal or remand proceedings, entitling the assessee to recognition of the LTCL. The AOs selective acceptance of identical losses elsewhere and failure to undertake or furnish its own valuation led to upholding the appellate authoritys allowance of the loss.
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