https://www.taxtmi.com/caselaws?id=419618 The National Faceless Appeal Centre upheld the reopening of assessment under section 147 of the Act, dismissing challenges to the assumption of jurisdiction and confirming the addition of unexplained investments as bogus long term capital gains. However, the ITAT ruled in favor of the assessee regarding the treatment of long term capital gain as unexplained investments under section 69 of the Act, setting aside the orders of the authorities below. The ITAT emphasized the necessity of accurate consideration of facts and legal provisions in tax matters. en-us Tue, 08 Mar 2022 00:00:00 +0530 Wed, 16 Mar 2022 10:17:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419618 The National Faceless Appeal Centre upheld the reopening of assessment under section 147 of the Act, dismissing challenges to the assumption of jurisdiction and confirming the addition of unexplained investments as bogus long term capital gains. However, the ITAT ruled in favor of the assessee regarding the treatment of long term capital gain as unexplained investments under section 69 of the Act, setting aside the orders of the authorities below. The ITAT emphasized the necessity of accurate consideration of facts and legal provisions in tax matters. Case-Laws Income Tax Tue, 08 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419618