https://www.taxtmi.com/caselaws?id=249336 The Tribunal upheld the Commissioner of Income Tax's jurisdiction under section 263, dismissing the appeal challenging the treatment of capital gains as short term instead of long term. The decision was based on the holding period of the asset, discrepancies in ownership and possession dates, and lack of enquiry by the Assessing Officer in the regular assessment. The Tribunal found the appellant's arguments unsupported and affirmed the CIT's order, emphasizing the specific circumstances of the case in determining the nature of the capital gains as short term. en-us Wed, 11 Jun 2014 00:00:00 +0530 Fri, 11 Jul 2014 08:03:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249336 The Tribunal upheld the Commissioner of Income Tax's jurisdiction under section 263, dismissing the appeal challenging the treatment of capital gains as short term instead of long term. The decision was based on the holding period of the asset, discrepancies in ownership and possession dates, and lack of enquiry by the Assessing Officer in the regular assessment. The Tribunal found the appellant's arguments unsupported and affirmed the CIT's order, emphasizing the specific circumstances of the case in determining the nature of the capital gains as short term. Case-Laws Income Tax Wed, 11 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249336