https://www.taxtmi.com/caselaws?id=411605 The Tribunal directed the Commissioner of Income Tax (Appeals) to admit and adjudicate additional grounds raised by the assessee, citing the principle that new claims can be raised in appellate proceedings due to subsequent events. The assessee's challenge to the surrender of Long Term Capital Gains was supported by SEBI's final order, leading to a reassessment under section 10(38) of the Income Tax Act. The Tribunal's decision implicitly kept open the penalty proceedings under section 271(1)(c) for reconsideration, emphasizing a fair reassessment of tax liability based on new evidence. en-us Wed, 25 Aug 2021 00:00:00 +0530 Fri, 27 Aug 2021 21:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411605 The Tribunal directed the Commissioner of Income Tax (Appeals) to admit and adjudicate additional grounds raised by the assessee, citing the principle that new claims can be raised in appellate proceedings due to subsequent events. The assessee's challenge to the surrender of Long Term Capital Gains was supported by SEBI's final order, leading to a reassessment under section 10(38) of the Income Tax Act. The Tribunal's decision implicitly kept open the penalty proceedings under section 271(1)(c) for reconsideration, emphasizing a fair reassessment of tax liability based on new evidence. Case-Laws Income Tax Wed, 25 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411605