https://www.taxtmi.com/caselaws?id=404039 The Tribunal quashed the reassessment proceedings under sections 147/148 of the Income Tax Act due to insufficient grounds to believe income had escaped assessment. Consequently, the Tribunal allowed the appeals, dismissing additions under sections 68 and 69C, and upheld the exemption claimed under section 10(38) for Long-Term Capital Gain. The Tribunal stressed the necessity of concrete evidence in tax assessments rather than mere suspicion or conjecture. en-us Thu, 07 Jan 2021 00:00:00 +0530 Sat, 13 Feb 2021 21:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404039 The Tribunal quashed the reassessment proceedings under sections 147/148 of the Income Tax Act due to insufficient grounds to believe income had escaped assessment. Consequently, the Tribunal allowed the appeals, dismissing additions under sections 68 and 69C, and upheld the exemption claimed under section 10(38) for Long-Term Capital Gain. The Tribunal stressed the necessity of concrete evidence in tax assessments rather than mere suspicion or conjecture. Case-Laws Income Tax Thu, 07 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404039