https://www.taxtmi.com/caselaws?id=447954 The Tribunal upheld the reassessment proceedings under section 147 of the Income Tax Act, validating the notice issued under section 148, as there was tangible material for reassessment. The assessee's appeal on this ground was dismissed. However, regarding the addition of long-term capital gains of Rs. 72,83,143, the Tribunal noted the AO's failure to consider the exemption under section 54. The Tribunal directed the AO to recompute the capital gains after verifying the exemption claim. Consequently, the appeal was partly allowed for statistical purposes. en-us Wed, 08 Nov 2023 00:00:00 +0530 Tue, 09 Jan 2024 08:35:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447954 The Tribunal upheld the reassessment proceedings under section 147 of the Income Tax Act, validating the notice issued under section 148, as there was tangible material for reassessment. The assessee's appeal on this ground was dismissed. However, regarding the addition of long-term capital gains of Rs. 72,83,143, the Tribunal noted the AO's failure to consider the exemption under section 54. The Tribunal directed the AO to recompute the capital gains after verifying the exemption claim. Consequently, the appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447954