Tribunal directs reassessment for tax classification, emphasizing fair hearing and factual findings.

The Tribunal set aside the assessment for A.Y. 2008-09, directing a fresh adjudication by the Assessing Officer to determine whether the impugned gain should be classified as Long Term Capital Gain or business income. The decision aimed to align with the Tribunal's previous rulings in the assessee's favor for preceding years, emphasizing the importance of factual findings and a fair hearing. The Revenue's appeal was allowed for statistical purposes to maintain procedural consistency.

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Issues involved: Appeal by Revenue against Order by CIT(A) partly allowing assessee's appeal contesting assessment u/s.143(3) for A.Y. 2008-09, claiming error in accepting impugned gain as Long Term Capital Gain (LTCG) instead of business income.

Summary:

1. The appeal raised a single issue regarding the classification of the impugned gain as LTCG instead of business income.

2. The Tribunal noted that the issue had been previously decided in the assessee's favor for the preceding years, leading to the matter being sent back to the A.O. for reevaluation. The Tribunal considered it appropriate to set aside the assessment for A.Y. 2008-09 as well, allowing both parties to present relevant facts for a fresh adjudication in line with the Tribunal's current approach.

3. Consequently, the Tribunal set aside the impugned assessment for A.Y. 2008-09 to the A.O. for a de novo adjudication, emphasizing the need for definite findings of fact and a fair hearing for the assessee.

4. The Revenue's appeal was allowed for statistical purposes, ensuring procedural uniformity and consistency in the decision-making process.

Separate Judgment: No separate judgment was delivered by the judges in this case.

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