https://www.taxtmi.com/caselaws?id=428477 The ITAT condoned the delay of 541 days in filing the appeal due to the Covid-19 pandemic. The appeal was admitted based on the Supreme Court's decision on the extension of limitation period. The ITAT allowed the appeal challenging the order passed under Section 263 of the Income Tax Act, finding merit in the appellant's arguments regarding violation of natural justice and payment of tax under a disclosure scheme. The ITAT also upheld the appellant's claim for exemption on long term capital gains and allowed the deduction for the purchase price of shares, ultimately quashing the order passed under Section 263. en-us Thu, 29 Sep 2022 00:00:00 +0530 Sat, 01 Oct 2022 09:29:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428477 The ITAT condoned the delay of 541 days in filing the appeal due to the Covid-19 pandemic. The appeal was admitted based on the Supreme Court's decision on the extension of limitation period. The ITAT allowed the appeal challenging the order passed under Section 263 of the Income Tax Act, finding merit in the appellant's arguments regarding violation of natural justice and payment of tax under a disclosure scheme. The ITAT also upheld the appellant's claim for exemption on long term capital gains and allowed the deduction for the purchase price of shares, ultimately quashing the order passed under Section 263. Case-Laws Income Tax Thu, 29 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428477