https://www.taxtmi.com/caselaws?id=422748 The Tribunal dismissed the Revenue's appeal and allowed the assessee's Cross Objections. It emphasized the need for Assessing Officers to adhere to the scope of scrutiny and obtain prior approval for expanding it. The decision underscored that amounts invested in capital gain schemes should not be taxed in the year of investment without considering their utilization within the allowed period. The Tribunal upheld the Ld. CIT(A)'s decision regarding the claim under Section 54F of the Income Tax Act, 1961, ultimately ruling in favor of the assessee. en-us Thu, 19 May 2022 00:00:00 +0530 Fri, 20 May 2022 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422748 The Tribunal dismissed the Revenue's appeal and allowed the assessee's Cross Objections. It emphasized the need for Assessing Officers to adhere to the scope of scrutiny and obtain prior approval for expanding it. The decision underscored that amounts invested in capital gain schemes should not be taxed in the year of investment without considering their utilization within the allowed period. The Tribunal upheld the Ld. CIT(A)'s decision regarding the claim under Section 54F of the Income Tax Act, 1961, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 19 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422748