https://www.taxtmi.com/caselaws?id=69736 The Tribunal upheld the first appellate authority's decision in a tax case, determining that capital gains of Rs. 40,000 were long term and assessable under the Income Tax Act. The Tribunal dismissed the Department's appeal, emphasizing the assessee's long-term possession of the routes. Additionally, the Tribunal ruled that the first appellate authority had jurisdiction to entertain the appeal despite the assessee's initial acceptance of the proposed assessment, as the ITO cannot erroneously compute liability. The Tribunal also rejected the Department's argument that the assessee's written acceptance precluded an appeal, highlighting the distinction between known tax effects and statutory requirements. en-us Wed, 12 Mar 1980 00:00:00 +0530 Mon, 11 Apr 2011 17:55:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69736 The Tribunal upheld the first appellate authority's decision in a tax case, determining that capital gains of Rs. 40,000 were long term and assessable under the Income Tax Act. The Tribunal dismissed the Department's appeal, emphasizing the assessee's long-term possession of the routes. Additionally, the Tribunal ruled that the first appellate authority had jurisdiction to entertain the appeal despite the assessee's initial acceptance of the proposed assessment, as the ITO cannot erroneously compute liability. The Tribunal also rejected the Department's argument that the assessee's written acceptance precluded an appeal, highlighting the distinction between known tax effects and statutory requirements. Case-Laws Income Tax Wed, 12 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69736