https://www.taxtmi.com/caselaws?id=253952 The Tribunal upheld the CIT's invocation of Section 263, finding the AO's assessment order erroneous and prejudicial to the Revenue's interest due to inadequate inquiry and incorrect income classification. The appeal was dismissed, and issues regarding the application of Section 50C for computing capital gains and capitalizing interest income were remanded for the AO's reconsideration. en-us Fri, 28 Nov 2014 00:00:00 +0530 Mon, 08 Dec 2014 21:16:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253952 The Tribunal upheld the CIT's invocation of Section 263, finding the AO's assessment order erroneous and prejudicial to the Revenue's interest due to inadequate inquiry and incorrect income classification. The appeal was dismissed, and issues regarding the application of Section 50C for computing capital gains and capitalizing interest income were remanded for the AO's reconsideration. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253952