https://www.taxtmi.com/caselaws?id=414139 Validity of initiation of search-based proceedings turned on adequacy of the assessing officers satisfaction note; the note was held to be properly recorded for both the searched person and the assessee, so the challenge to initiation failed. The taxability issue concerned long-term capital gain exemption on reinvestment in a residential flat under the statutory exemption scheme; the date of possession was treated as completion of purchase, and because possession postdated the land sale within the statutory period the assessees claim under the exemption was accepted and related additions, including non-utilisation of the capital gains account scheme, were deleted. en-us Tue, 05 Oct 2021 00:00:00 +0530 Wed, 28 Jan 2026 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414139 Validity of initiation of search-based proceedings turned on adequacy of the assessing officers satisfaction note; the note was held to be properly recorded for both the searched person and the assessee, so the challenge to initiation failed. The taxability issue concerned long-term capital gain exemption on reinvestment in a residential flat under the statutory exemption scheme; the date of possession was treated as completion of purchase, and because possession postdated the land sale within the statutory period the assessees claim under the exemption was accepted and related additions, including non-utilisation of the capital gains account scheme, were deleted. Case-Laws Income Tax Tue, 05 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414139