https://www.taxtmi.com/caselaws?id=447446 The Madras HC disposed of a revision petition under section 263 where the Tribunal upheld the Principal Commissioner's direction to recompute taxable capital gains under section 54F. Since the assessee's appeal against the assessment order was pending before the appellate authority, the HC declined to decide the matter to avoid multiplicity of proceedings. The court left substantial questions of law open for the appellate authority to decide along with the pending appeal. The appellate authority was directed to pass appropriate orders within twelve weeks after providing due opportunity of personal hearing, without being influenced by the Tribunal's observations. en-us Mon, 06 Nov 2023 00:00:00 +0530 Tue, 26 Dec 2023 08:37:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447446 The Madras HC disposed of a revision petition under section 263 where the Tribunal upheld the Principal Commissioner's direction to recompute taxable capital gains under section 54F. Since the assessee's appeal against the assessment order was pending before the appellate authority, the HC declined to decide the matter to avoid multiplicity of proceedings. The court left substantial questions of law open for the appellate authority to decide along with the pending appeal. The appellate authority was directed to pass appropriate orders within twelve weeks after providing due opportunity of personal hearing, without being influenced by the Tribunal's observations. Case-Laws Income Tax Mon, 06 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447446