https://www.taxtmi.com/caselaws?id=69240 The appellant challenged the assessment of capital gains on the sale of import entitlement certificates. The Tribunal ruled in favor of the appellant, allowing the appeals and emphasizing the right to challenge the assessment and claim exemption from capital gains, despite initial admissions in the returns. The Tribunal held that the appellant's denial of liability to be assessed under the Income Tax Act gave him the right to appeal, even though the amounts were initially admitted in the returns. The appellant was not precluded from raising the issue of exemption from capital gains during the appeal, ultimately resulting in a favorable outcome for the appellant. en-us Thu, 14 Dec 1978 00:00:00 +0530 Tue, 05 Apr 2011 18:51:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69240 The appellant challenged the assessment of capital gains on the sale of import entitlement certificates. The Tribunal ruled in favor of the appellant, allowing the appeals and emphasizing the right to challenge the assessment and claim exemption from capital gains, despite initial admissions in the returns. The Tribunal held that the appellant's denial of liability to be assessed under the Income Tax Act gave him the right to appeal, even though the amounts were initially admitted in the returns. The appellant was not precluded from raising the issue of exemption from capital gains during the appeal, ultimately resulting in a favorable outcome for the appellant. Case-Laws Income Tax Thu, 14 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69240