https://www.taxtmi.com/caselaws?id=308909 The ITAT allowed the Assessee's appeal against the order of the Ld. Pr. CIT under Section 263, directing the deletion of the addition made on the Assessee's claim of exempt income on LTCG. The ITAT emphasized the need for specific adverse materials to sustain additions under Section 68 and highlighted the importance of providing adequate hearing opportunities to the Assessee. The case was remanded to the Pr. CIT for a fresh decision, considering details provided by the Assessee and a previous High Court order distinguishing between lack of inquiry and inadequate inquiry. en-us Thu, 31 Jan 2019 00:00:00 +0530 Tue, 01 Aug 2023 08:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308909 The ITAT allowed the Assessee's appeal against the order of the Ld. Pr. CIT under Section 263, directing the deletion of the addition made on the Assessee's claim of exempt income on LTCG. The ITAT emphasized the need for specific adverse materials to sustain additions under Section 68 and highlighted the importance of providing adequate hearing opportunities to the Assessee. The case was remanded to the Pr. CIT for a fresh decision, considering details provided by the Assessee and a previous High Court order distinguishing between lack of inquiry and inadequate inquiry. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308909