https://www.taxtmi.com/caselaws?id=209034 The appellate tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to quash the reassessment proceedings. The tribunal concluded that the reopening of the assessment was based on invalid reasons and that the income from the sale of development rights should be classified as capital gains, not business income. The tribunal's decision was consistent with the principles laid down by the Hon'ble Bombay High Court and the Supreme Court regarding the validity of reopening assessments and the classification of income. en-us Wed, 23 Mar 2011 00:00:00 +0530 Wed, 31 Jul 2013 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209034 The appellate tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to quash the reassessment proceedings. The tribunal concluded that the reopening of the assessment was based on invalid reasons and that the income from the sale of development rights should be classified as capital gains, not business income. The tribunal's decision was consistent with the principles laid down by the Hon'ble Bombay High Court and the Supreme Court regarding the validity of reopening assessments and the classification of income. Case-Laws Income Tax Wed, 23 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209034