https://www.taxtmi.com/caselaws?id=251702 The Tribunal upheld the original assessment, ruling that the Commissioner of Income Tax rightly acted under Section-263 to tax a claimed loss, rejected valuation of jewellery as understated, and determined conversion into "stock in trade" did not constitute a sale for tax purposes. The Assessing Officer's decision was deemed not erroneous, avoiding the "change of opinion" doctrine. The Tribunal canceled the penalty under Section-271(1)(c) due to the deletion of the addition in the quantum appeal, dismissing the department's appeal on the penalty issue. en-us Wed, 17 Sep 2014 00:00:00 +0530 Thu, 25 Sep 2014 09:15:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251702 The Tribunal upheld the original assessment, ruling that the Commissioner of Income Tax rightly acted under Section-263 to tax a claimed loss, rejected valuation of jewellery as understated, and determined conversion into "stock in trade" did not constitute a sale for tax purposes. The Assessing Officer's decision was deemed not erroneous, avoiding the "change of opinion" doctrine. The Tribunal canceled the penalty under Section-271(1)(c) due to the deletion of the addition in the quantum appeal, dismissing the department's appeal on the penalty issue. Case-Laws Income Tax Wed, 17 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251702