https://www.taxtmi.com/caselaws?id=343684 The ITAT allowed the appeal, setting aside the assessment order and directing the AO to recompute capital gains after providing the appellant with a proper opportunity to be heard. The directions issued under section 144A were deemed prejudicial and led to the incorrect computation of short term capital gains. The ITAT ruled in favor of the appellant regarding the treatment of stock options as long term capital assets and contested denial of exemption under section 54EC. Incorrect observations by the Commissioner of Income tax (Appeals) were clarified. The judgment emphasized the importance of due process and non-prejudicial directions under section 144A. en-us Fri, 26 May 2017 00:00:00 +0530 Wed, 31 May 2017 06:59:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343684 The ITAT allowed the appeal, setting aside the assessment order and directing the AO to recompute capital gains after providing the appellant with a proper opportunity to be heard. The directions issued under section 144A were deemed prejudicial and led to the incorrect computation of short term capital gains. The ITAT ruled in favor of the appellant regarding the treatment of stock options as long term capital assets and contested denial of exemption under section 54EC. Incorrect observations by the Commissioner of Income tax (Appeals) were clarified. The judgment emphasized the importance of due process and non-prejudicial directions under section 144A. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343684