https://www.taxtmi.com/caselaws?id=374486 The Tribunal held that the CIT (A) exceeded jurisdiction by enhancing income based on new sources not considered by the Assessing Officer. It ruled that additions under Section 68 were impermissible if not raised during assessment proceedings. The Tribunal allowed the assessee's capital gains claim, finding the CIT (A) erred in re-characterizing the sale transaction. It directed the AO to verify the deduction claim under Section 54. The allegation of natural justice violation was dismissed. The appeals were partly allowed, with one issue remanded for verification and another ground dismissed. en-us Thu, 31 Jan 2019 00:00:00 +0530 Wed, 10 Apr 2019 16:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374486 The Tribunal held that the CIT (A) exceeded jurisdiction by enhancing income based on new sources not considered by the Assessing Officer. It ruled that additions under Section 68 were impermissible if not raised during assessment proceedings. The Tribunal allowed the assessee's capital gains claim, finding the CIT (A) erred in re-characterizing the sale transaction. It directed the AO to verify the deduction claim under Section 54. The allegation of natural justice violation was dismissed. The appeals were partly allowed, with one issue remanded for verification and another ground dismissed. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374486