https://www.taxtmi.com/caselaws?id=184398 The ITAT Mumbai allowed the appeal, overturning the CIT(A)'s decision to treat long term capital gain as short term. The tribunal found insufficient evidence to support the CIT(A)'s view, emphasizing the importance of providing a fair opportunity for the assessee to rebut incriminating material. The assessee was granted exemption under section 54EC for the long term capital gain, highlighting the necessity of prima facie evidence in tax matters. en-us Wed, 04 Apr 2012 00:00:00 +0530 Thu, 07 Jul 2016 12:50:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184398 The ITAT Mumbai allowed the appeal, overturning the CIT(A)'s decision to treat long term capital gain as short term. The tribunal found insufficient evidence to support the CIT(A)'s view, emphasizing the importance of providing a fair opportunity for the assessee to rebut incriminating material. The assessee was granted exemption under section 54EC for the long term capital gain, highlighting the necessity of prima facie evidence in tax matters. Case-Laws Income Tax Wed, 04 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184398