https://www.taxtmi.com/caselaws?id=416042 The Tribunal upheld the reopening of the assessment under Section 147 of the Income Tax Act, citing valid jurisdiction by the Assessing Officer based on concrete information. However, the denial of exemption under Section 10(38) for Long-Term Capital Gains was overturned due to lack of evidence connecting the assessee to alleged fraudulent transactions. The addition of sale proceeds as unexplained cash credit under Section 68 was deemed unjustified, and the alleged commission payment under Section 69C was vacated. The Tribunal directed a reevaluation of interest under Section 234B, partially allowing the appeal. en-us Thu, 25 Nov 2021 00:00:00 +0530 Mon, 20 Dec 2021 09:26:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416042 The Tribunal upheld the reopening of the assessment under Section 147 of the Income Tax Act, citing valid jurisdiction by the Assessing Officer based on concrete information. However, the denial of exemption under Section 10(38) for Long-Term Capital Gains was overturned due to lack of evidence connecting the assessee to alleged fraudulent transactions. The addition of sale proceeds as unexplained cash credit under Section 68 was deemed unjustified, and the alleged commission payment under Section 69C was vacated. The Tribunal directed a reevaluation of interest under Section 234B, partially allowing the appeal. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416042