https://www.taxtmi.com/caselaws?id=248566 The Tribunal dismissed the Revenue's appeal, upholding the Commissioner's decision to cancel the reopening of the assessment under Section 147 of the Income Tax Act for the assessment year 2006-07. The Tribunal found that the original assessment thoroughly examined the issue of exemption under Section 54EC and that the Assessing Officer had accepted the income returned by the assessee after detailed examination of relevant material. Additionally, the Tribunal emphasized that the compensation received by the assessee was for relinquishing rights, falling under capital gains, and not income from other sources. en-us Thu, 29 May 2014 00:00:00 +0530 Mon, 16 Jun 2014 22:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248566 The Tribunal dismissed the Revenue's appeal, upholding the Commissioner's decision to cancel the reopening of the assessment under Section 147 of the Income Tax Act for the assessment year 2006-07. The Tribunal found that the original assessment thoroughly examined the issue of exemption under Section 54EC and that the Assessing Officer had accepted the income returned by the assessee after detailed examination of relevant material. Additionally, the Tribunal emphasized that the compensation received by the assessee was for relinquishing rights, falling under capital gains, and not income from other sources. Case-Laws Income Tax Thu, 29 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248566