https://www.taxtmi.com/caselaws?id=248465 The court ruled in favor of the assessee, determining that the amount received from the landowner should be assessed as long-term capital gain rather than income from other sources. The court found that the Assessing Officer's assessment was correct, as the assessee had acquired rights over the property, making the receipt eligible for capital gain treatment. Additionally, the court held that the CIT's attempt to revise the assessment order under section 263 was unjustified, as the order was not erroneous or prejudicial to revenue interests. The court allowed the assessee's appeal and rejected the CIT's revision. en-us Wed, 28 May 2014 00:00:00 +0530 Fri, 13 Jun 2014 09:59:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248465 The court ruled in favor of the assessee, determining that the amount received from the landowner should be assessed as long-term capital gain rather than income from other sources. The court found that the Assessing Officer's assessment was correct, as the assessee had acquired rights over the property, making the receipt eligible for capital gain treatment. Additionally, the court held that the CIT's attempt to revise the assessment order under section 263 was unjustified, as the order was not erroneous or prejudicial to revenue interests. The court allowed the assessee's appeal and rejected the CIT's revision. Case-Laws Income Tax Wed, 28 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248465