https://www.taxtmi.com/caselaws?id=263656 The Tribunal set aside the order under Section 263 of the Income Tax Act, restoring the original assessment and allowing the appeal. It found the Commissioner's concerns unfounded, emphasizing the Assessing Officer's thorough inquiries and proper assessment. The Tribunal upheld the assessee's claim for exemption under Section 54, rejecting the Commissioner's argument regarding the property's classification. Additionally, it affirmed the adequacy of evidence for claimed expenses and dismissed the Commissioner's challenges on long-term capital gains and investment in the Capital Gain Scheme. en-us Wed, 03 Jun 2015 00:00:00 +0530 Tue, 08 Sep 2015 10:27:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263656 The Tribunal set aside the order under Section 263 of the Income Tax Act, restoring the original assessment and allowing the appeal. It found the Commissioner's concerns unfounded, emphasizing the Assessing Officer's thorough inquiries and proper assessment. The Tribunal upheld the assessee's claim for exemption under Section 54, rejecting the Commissioner's argument regarding the property's classification. Additionally, it affirmed the adequacy of evidence for claimed expenses and dismissed the Commissioner's challenges on long-term capital gains and investment in the Capital Gain Scheme. Case-Laws Income Tax Wed, 03 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263656