https://www.taxtmi.com/caselaws?id=399678 The Tribunal upheld the CIT(A)'s decision in the quantum assessment, determining long-term capital gains for the assessment year 2008-09. The Tribunal confirmed the capital gains taxable in that year, calculating a long-term capital gain of Rs. 2,76,37,846 and providing relief to the assessee. Additionally, the Tribunal dismissed the revenue's arguments regarding a Rule 46A violation by the CIT(A) and upheld the quashing of penalty proceedings under Section 271(1)(c) of the Income Tax Act due to procedural errors by the AO. Both the revenue's appeals and the assessee's cross-objection were dismissed. en-us Mon, 28 Sep 2020 00:00:00 +0530 Fri, 16 Oct 2020 13:29:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399678 The Tribunal upheld the CIT(A)'s decision in the quantum assessment, determining long-term capital gains for the assessment year 2008-09. The Tribunal confirmed the capital gains taxable in that year, calculating a long-term capital gain of Rs. 2,76,37,846 and providing relief to the assessee. Additionally, the Tribunal dismissed the revenue's arguments regarding a Rule 46A violation by the CIT(A) and upheld the quashing of penalty proceedings under Section 271(1)(c) of the Income Tax Act due to procedural errors by the AO. Both the revenue's appeals and the assessee's cross-objection were dismissed. Case-Laws Income Tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399678