https://www.taxtmi.com/caselaws?id=234348 Revisional jurisdiction under section 263 was improperly invoked to re-open assessments where the Assessing Officer had applied his mind and accepted that gains from sale of quoted shares and equity mutual fund units were long-term capital gains. The court held that the AO's enquiries and responses satisfied requirements of reasoned decision-making, and that factual findings-including prior assessments treating securities as investments, prolonged holding periods, and March 2006 transactions driven by lawful tax changes-supported investor characterisation. Consequentially, the AO's order taxing the receipts as capital gains for the relevant year is restored and the revisional orders are set aside. en-us Thu, 21 Feb 2013 00:00:00 +0530 Mon, 02 Feb 2026 10:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234348 Revisional jurisdiction under section 263 was improperly invoked to re-open assessments where the Assessing Officer had applied his mind and accepted that gains from sale of quoted shares and equity mutual fund units were long-term capital gains. The court held that the AO's enquiries and responses satisfied requirements of reasoned decision-making, and that factual findings-including prior assessments treating securities as investments, prolonged holding periods, and March 2006 transactions driven by lawful tax changes-supported investor characterisation. Consequentially, the AO's order taxing the receipts as capital gains for the relevant year is restored and the revisional orders are set aside. Case-Laws Income Tax Thu, 21 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234348