https://www.taxtmi.com/caselaws?id=252522 The Tribunal upheld the Commissioner of Income Tax's invocation of Section 263 due to the Assessing Officer's lack of inquiry, setting aside the AO's order and directing a fresh assessment. The Tribunal emphasized the need for thorough investigation and correct application of tax laws. The treatment of profit on the sale of land as business income versus capital gains was left for further inquiry by the AO, with the Tribunal dismissing the assessee's appeals and highlighting the importance of proper assessment procedures. en-us Fri, 17 Oct 2014 00:00:00 +0530 Tue, 28 Oct 2014 07:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252522 The Tribunal upheld the Commissioner of Income Tax's invocation of Section 263 due to the Assessing Officer's lack of inquiry, setting aside the AO's order and directing a fresh assessment. The Tribunal emphasized the need for thorough investigation and correct application of tax laws. The treatment of profit on the sale of land as business income versus capital gains was left for further inquiry by the AO, with the Tribunal dismissing the assessee's appeals and highlighting the importance of proper assessment procedures. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252522