https://www.taxtmi.com/caselaws?id=411396 The High Court granted a stay on further proceedings following a Section 263 notice challenging an alleged erroneous assessment under the Income Tax Act. The petitioner argued that the disputed LTCG amount was disclosed in the return and exempted under Section 10(38) of the IT Act. The court found merit in the petitioner's arguments, considering potential irreparable loss and ordered a stay on proceedings pending further directives, directing the respondents to provide explanations within six weeks. en-us Thu, 19 Aug 2021 00:00:00 +0530 Tue, 24 Aug 2021 08:15:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411396 The High Court granted a stay on further proceedings following a Section 263 notice challenging an alleged erroneous assessment under the Income Tax Act. The petitioner argued that the disputed LTCG amount was disclosed in the return and exempted under Section 10(38) of the IT Act. The court found merit in the petitioner's arguments, considering potential irreparable loss and ordered a stay on proceedings pending further directives, directing the respondents to provide explanations within six weeks. Case-Laws Income Tax Thu, 19 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411396