The Economic Times

Lady wins Rs 83 lakh capital gains tax exemption case: ITAT Mumbai flags officers jurisdiction error

A taxpayer successfully challenged an Rs 83 lakh capital gains tax exemption denial in ITAT Mumbai. The Income Tax officer erred by reopening the assessment without specifying the Section 54F exemption as a reason. ITAT Mumbai ruled the officer lacked jurisdiction for this addition, quashing the disallowance based on a Bombay High Court precedent.