https://www.taxtmi.com/caselaws?id=388981 The ITAT Chennai remitted the case involving the assessment of Long Term Capital Gain back to the Assessing Officer for re-adjudication. The tribunal emphasized the importance of providing the assessee with a fair opportunity to prove the genuineness of transactions and establish the right to exemption from income tax. It highlighted the need for concrete evidence, detailed explanations, and compliance with legal requirements to support claims of Long Term Capital Gain exemption. The tribunal's decision underscored the significance of thorough examination and proper substantiation in such cases. en-us Fri, 01 Nov 2019 00:00:00 +0530 Thu, 28 Nov 2019 13:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388981 The ITAT Chennai remitted the case involving the assessment of Long Term Capital Gain back to the Assessing Officer for re-adjudication. The tribunal emphasized the importance of providing the assessee with a fair opportunity to prove the genuineness of transactions and establish the right to exemption from income tax. It highlighted the need for concrete evidence, detailed explanations, and compliance with legal requirements to support claims of Long Term Capital Gain exemption. The tribunal's decision underscored the significance of thorough examination and proper substantiation in such cases. Case-Laws Income Tax Fri, 01 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388981