https://www.taxtmi.com/caselaws?id=369430 The Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings under section 147 due to the lack of opportunity for cross-examination and the absence of independent application of mind by the Assessing Officer (AO). The ITAT also allowed the assessee's claim for Long Term Capital Gain (LTCG) exemption under section 10(38), directing the AO to treat the surplus as LTCG and allow the exemption, based on the genuineness of the transactions supported by documentary evidence. The ITAT's decision aligned with judicial precedents emphasizing the principles of natural justice and the necessity for cross-examination. en-us Mon, 15 Oct 2018 00:00:00 +0530 Sat, 27 Oct 2018 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369430 The Income Tax Appellate Tribunal (ITAT) quashed the reassessment proceedings under section 147 due to the lack of opportunity for cross-examination and the absence of independent application of mind by the Assessing Officer (AO). The ITAT also allowed the assessee's claim for Long Term Capital Gain (LTCG) exemption under section 10(38), directing the AO to treat the surplus as LTCG and allow the exemption, based on the genuineness of the transactions supported by documentary evidence. The ITAT's decision aligned with judicial precedents emphasizing the principles of natural justice and the necessity for cross-examination. Case-Laws Income Tax Mon, 15 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369430