https://www.taxtmi.com/caselaws?id=435042 The court examined a challenge to notices and an order under the Income Tax Act for the Assessment Year 2015-16 regarding long term capital gain on the sale of shares and the validity of a deduction claimed under Section 54F. Reassessment proceedings were initiated based on an audit objection, with the petitioner contesting that the conditions under Section 149(1)(b) were not met. The court noted the change in the provision post Finance Act, 2022, allowing reassessment based on "any audit objection." Further examination was deemed necessary, and the court stayed the operation of the impugned order and notice pending the next hearing. en-us Tue, 17 Jan 2023 00:00:00 +0530 Fri, 10 Mar 2023 20:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435042 The court examined a challenge to notices and an order under the Income Tax Act for the Assessment Year 2015-16 regarding long term capital gain on the sale of shares and the validity of a deduction claimed under Section 54F. Reassessment proceedings were initiated based on an audit objection, with the petitioner contesting that the conditions under Section 149(1)(b) were not met. The court noted the change in the provision post Finance Act, 2022, allowing reassessment based on "any audit objection." Further examination was deemed necessary, and the court stayed the operation of the impugned order and notice pending the next hearing. Case-Laws Income Tax Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435042