https://www.taxtmi.com/caselaws?id=71881 The Tribunal held that the CIT lacked jurisdiction to revise the assessment order under s. 263 as the AO's decision on treating the income as capital gains was deemed appropriate. The land in question was considered a capital asset, not a trading asset, and the assessment order under s. 143(3) was found valid. The Tribunal also ruled that the order under s. 264 had merged with the assessment order, preventing revision under s. 263. Consequently, the CIT's order under s. 263 was quashed, and the appeal by the assessee was allowed. en-us Mon, 21 Oct 2002 00:00:00 +0530 Wed, 27 Apr 2011 16:26:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71881 The Tribunal held that the CIT lacked jurisdiction to revise the assessment order under s. 263 as the AO's decision on treating the income as capital gains was deemed appropriate. The land in question was considered a capital asset, not a trading asset, and the assessment order under s. 143(3) was found valid. The Tribunal also ruled that the order under s. 264 had merged with the assessment order, preventing revision under s. 263. Consequently, the CIT's order under s. 263 was quashed, and the appeal by the assessee was allowed. Case-Laws Income Tax Mon, 21 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71881