https://www.taxtmi.com/caselaws?id=401142 The Tribunal quashed the assessment framed under section 158BD of the Income-tax Act due to the invalid assumption of jurisdiction as the necessary prerequisites were not fulfilled. Consequently, the penalty levied under section 158BFA was annulled as the assessment was held to be without jurisdiction. The merits of the addition made for long-term capital gains were not adjudicated as the assessment was quashed on jurisdictional grounds. The Tribunal allowed both appeals of the assessee. en-us Thu, 06 Aug 2020 00:00:00 +0530 Mon, 30 Nov 2020 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401142 The Tribunal quashed the assessment framed under section 158BD of the Income-tax Act due to the invalid assumption of jurisdiction as the necessary prerequisites were not fulfilled. Consequently, the penalty levied under section 158BFA was annulled as the assessment was held to be without jurisdiction. The merits of the addition made for long-term capital gains were not adjudicated as the assessment was quashed on jurisdictional grounds. The Tribunal allowed both appeals of the assessee. Case-Laws Income Tax Thu, 06 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401142