https://www.taxtmi.com/caselaws?id=790978 Where an assessee has disclosed the transaction and investment in the return but cited the wrong exemption provision, the tax authority must consider whether the claim is admissible under the provision actually applicable and cannot reject it mechanically. A timely request to correct the statutory reference and have the long-term capital gains exemption examined on the proper basis requires consideration on merits. Rejection without addressing the alternative exemption claim was held to show non-application of mind and to be unsustainable. The assessment and related orders were set aside, and the matter was remitted for fresh adjudication with liberty to place all relevant material on exemption eligibility. en-us Mon, 20 Apr 2026 00:00:00 +0530 Mon, 04 May 2026 07:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790978 Where an assessee has disclosed the transaction and investment in the return but cited the wrong exemption provision, the tax authority must consider whether the claim is admissible under the provision actually applicable and cannot reject it mechanically. A timely request to correct the statutory reference and have the long-term capital gains exemption examined on the proper basis requires consideration on merits. Rejection without addressing the alternative exemption claim was held to show non-application of mind and to be unsustainable. The assessment and related orders were set aside, and the matter was remitted for fresh adjudication with liberty to place all relevant material on exemption eligibility. Case-Laws Income Tax Mon, 20 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790978